Adviser trade body Pimfa wants the FCA to better communicate proposed changes to its fees so more firms will be engaged in its consultations.
The FCA published its consultation on proposed fees and levies for 2018/2019 in April. Submissions closed today.
A 4.2 per cent increase in adviser fees was proposed for the coming year.
In its submission to the consultation Pimfa says the regulator should look at how it it presents information to firms.
A Pimfa spokeswoman says: “The FCA should consider improving the manner in which financial information is presented in future consultations on fees and levies, including consideration as to whether a different format, with revised data, would facilitate better engagement with stakeholders, resulting in a more effective consultation.”
She says: “The FCA’s current approach to the annual funding requirement has been in place for many years and regulatory costs are a major concern to firms.”
The total proposed annual funding requirement for 2018/19 is £543.9m, an increase of 3.2 per cent. The regulator attributed the increase largely to Brexit and new regulation including Mifid II.
Feedback on responses together with final fees and levy rates in a policy statement will be published in July.
Non-confidential respondents to CP18/10 include Aviva, Simplybiz and the Association of British Insurers.