Advisers’ FCA fees will increase by 10.2 per cent next year, to account for higher staff and technology costs at the regulator.
In a paper on proposed fees and levies published today, the FCA says A13 advisers will pay £74.9m in 2015/16, up from £68m in 2014/15.
The A13 fee block relates to advisers who do not hold client money.
The regulator is also increasing its minimum fee from £1,000 to £1,084, the first rise since 2010. It says 38 per cent of firms will pay the minimum fee.
The FCA announced in its business plan earlier this week that its annual funding requirement will increase by 8 per cent, from £446.4m in 2014/15 to £481.6m in 2015/16.
It says the increase is driven by a £16m rise in staff costs due to higher headcount, and an £11m rise in costs relating to technology, upgrading information systems and a new learning and development suite, the FCA Academy.
The regulator is recovering the increase across all of its fee blocks, but A13 advisers are seeing the highest increase.
The FCA says this is because it adjusted fees for this block by £1.1m in 2014/15, as it had over-recovered RDR change costs the previous year.