The Financial Conduct Authority (FCA) has launched a consultation to propose a rise in fees paid by financial services firms to cover the cost of regulation.
The UK watchdog wants to increase the minimum fee to £2,200 ($2,937, €2,585) from £1,151, which “would better reflect the costs associated with the authorisation and supervision of 51,000 firms throughout the UK”, it said in a statement.
The consultation applies to:
- All FCA fee-payers; and,
- Any businesses considering applying for FCA authorisation or registration.
The regulator expects to implement changes in time for the 2022/23 fee cycle and said that they “are designed to benefit both consumers and firms”.
This comes as the FCA is set to invest £120m over the next three years to strengthen its ability to “identify firms and individuals of concern” in a bid to become a “more innovative and assertive regulator”.