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FCA sets budget at £527m and keeps back underspend

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The FCA has set its budget for 2017/18 at £526.9m with advisers paying a total of £77.1m in regulatory fees.

In its consultation on regulated fees and levies, published today, the regulator sets outs its budget is up 1.5 per cent from £519.3m in 2016/17, while advisers’ contribution has risen 4.7 per cent from £73.7m.

The FCA says its funding has gone up in line with inflation and the need for an additional £2.5m to manage the Brexit process.

A further £16.9m has been allocated to cover change projects such as Mifid II, the senior managers regime and regulation of consumer credit firms.

The regulator says it is forecasting it will end the 2016/17 year with an underspend of around £10m, with an £10m contribution to FCA’s pension deficit.

The FCA says: “We are proposing that the £10m underspend will be retained as reserves to help us mitigate costs in the future, for example, costs related to the move to our new offices at The International Quarter in Stratford in 2018 and further EU withdrawal costs.”

The consultation on fees has been published alongside a raft of other documents, including the FCA’s business plan for 2018/19 and its Mission document setting out the regulator’s priorities and objectives.

The business plan has set out the FCA’s proposal to investigate platform competition and review the non-advised drawdown market.

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Abhorrent nest of parasites !

  2. So ‘we’ all help to fund ‘their’ pension deficit, whilst other businesses in the commercial sector look at shelving such schemes, rather than trying to pass the cost on to the customer!

    Dear oh dear and they have the audacity to question our fee structures!!

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