FSA consults on fee changes
It proposes to set the minimum fee threshold at £100,000 which will mean 38% of adviser firms fall under it – more than the 35% in the current regime.
The regulator has published estimates of fee rates that might have applied if an income measure had been in force for 2012/13.
Under the proposals it suggests adviser firms earning above £100,000 would pay between £5.90 and £7.25 per £1,000.
But the FSA said: “Our analysis indicates that the fees for the majority of firms would either remain the same or decrease.”
The regulatory reform proposals also introduce some separate fee-blocks for Prudential Regulatory Authority and Financial Conduct Authority firms.
And they highlight the government’s proposed amendments to the way financial penalties from enforcement action are to be treated.
To inform the review of the FCA’s fees methodology to be undertaken during 2013/14 we seek views on the proposed FCA fees governing principles.
The consultation closes on 7 January 2013 and in April 2013 the FSA expects the PRA and FCA to consult on the 2013/14 proposed actual rates for fees and levies based on the outcome of this CP.
The regulator also expects the FCA consultation to include the proposed levies for the Financial Ombudsman Service and the Money Advice Service in 2013/14.
A separate consultation will take place in January 2013 on the FCSC management expenses levy limit.