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Fees set to fall by 1%

FSA fees are to fall by around 1 per cent this year.

The regulator says its annual funding requirement in 2004/05 is projected to be £213.3m, marginally lower than the £214m for 2003/04. It is entirely funded by fees from the firms it regulates and it expects that fees will reduce by 1 per cent.

It points out that the fees charged relate to the type of business carried out by a firm so there will be considerable differences across the industry.

In 2003/04 the FSA collected £236.4m in fees directly from regulated organisations, with £218m from general fees, £13.5m from pension review fees and £4.9m from mortgage and general insurance fees.

The regulator&#39s annual report shows the FSA levied £12.4m in fines in 2003/04.

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