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FCA sets out annual funding requirement of £446m 31 March 2014

The Financial Conduct Authority (FCA) has proposed an increased annual funding requirement of £446.4m for 2014-15.

In its consultation on 2014-15 fees, the FCA said in order to meet its plans for the year it requires annual funding of £446.4m, up 3.3% from £432.1m in 2013-14.

The regulator attributed the £14.3m rise in its annual funding requirement to a £6.3m ongoing regulatory expenditure budget increase driven by its new competition team.

The FCA is also consulting on the levies proposed for the Money Advice Service (MAS), which has a funding requirement for 2014-15 of £81.1m.

Two separate levies are being proposed to raise £43m, down from £43.8m in 2013-14, for delivering money advice and £38.1m, up from £34.5m in the previous year, for the provision of debt advice.

The financial services regulator is funded entirely by the fees and levies recovered from regulated firms.

The FCA is also consulting on consumer credit periodic fees for 2014-15, having established two consumer credit fee blocks, with the fees based on consumer credit income.

The regulator said: “In the light of the comments we received on application fees and our indicative rates, we recognise the need to give additional support to the smallest firms.

“Consequently, we are proposing a lower flat fee of £100 for limited permission firms with incomes up to £10,000, and a flat fee of £300 for firms with full permissions whose incomes are up to £50,000.”

The FCA is seeking responses to its consultation by 30 May 2014.

 

 

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