The FSA has cut advisers’ regulatory fees and levies to £37.1m, down 6.5 per cent from £39.7m in 2011/12.
The FSA published a policy statement today confirming its regulatory fees and levies for 2012/13.
The figure is down 4 per cent from the £38.4m it proposed in February.
Advisers in the A12 fee block, which includes firms that hold or control client money, will pay £38.6m in 2012/13. This is down from an initial estimate of £40.2m and 19 per cent from £49.7m in 2011/12.
Firms in the A13 fee block will pay £1,191.47 per person in 2012/13, down from £1,290.54 last year.
Mortgage providers, advisers and arrangers – those in the A18 fee block – will be charged £14m for 2012/13, down from the initial estimate of £14.5m. Last year, these firms paid £15.1m.
While the total collected is smaller for mortgage firms, the fees will increase by 9.2 per cent, from £13.12 per £1,000 of income last year to £14.33 this year, because of a 10 per cent drop in income in this sector.
The fee for fund managers has also been revised down, from an initial estimate of £37.3m to £36.1m.
This is 28 per cent more than the £28.2m levied in 2011/12.
In total, the fees charged to all regulated firms has been set at £559.8m, down from £578.4m in the FSA’s initial estimate.
This has increased 11.9 per cent from £500.5m in 2011/12.
The FSA says the reduction in its fees has been achieved by internal cost controls which reduced potential IT spend and the return of contingency monies set aside for use only if the FSA needed to deploy extra resources in extreme macroeconomic and regulatory events.
The adviser contribution towards the Money Advice Service is set at £46.3m for 2012/13, 5.9 per cent more than the £43.7m allocation for 2011/12. Advisers in fee block A13 will see their contributions rise 6.9 per cent year-on-year from £4.3m to £4.6m in 2012/13.
Advisers in fee block A12 will see their MAS contribution rise from £2.8m to £3m, an increase of 7.1 per cent.
The total budget for the Financial Ombudsman Service will be set at £191.1m, up from £97.8m in 2011/12. The increase is driven primarily by the increase in complaints about payment protection insurance.
The body is funded by a combination of annual fees and case fee. All authorised firms pay a general levy, even if they have not had any cases referred to the FOS. The general fee for 2012/13 will be set at £19.1m.
The general levy represents 9 per cent of the FOS’s total budget for 2012/13, compared with 14 per cent in 2011/12. This means that the firms generating complaints will pay a greater proportion of the FOS’s costs than the firms which generate few or no complaints.