FCA Publishes its Fees Proposals for 2022/23

The FCA has published proposed changes to the fees it charges financial services firms to cover the cost of regulation. It is proposed that the minimum fee would increase from £1,151 to £2,200.

The proposals apply to all FCA fee-payers and any businesses that are considering applying for FCA authorisation.

The FCA states that it has committed to invest £120 million over the next three years to strengthen its ability to identify firms and individuals of concern. The changes are designed to benefit both consumers and firms.

The FCA is also proposing changes to the calculation of consumer credit firm fees in order to bring them more in line with other firm fees.

To read the consultation in full, go here. Feedback on the consultation is welcomed and comments must be submitted to the FCA by 31 January 2022, via online response form, email cp21-33@fca.org.uk or in writing to David Cheesman, Financial Conduct Authority, 12 Endeavour Square, London, E20 1JN.

It is expected that any changes will be implemented in time for the 2022/23 fee cycle.

If you need any advice on this or other compliance issues, please contact your RWA Business Manager or email helpdesk@rwagroup.co.uk.

About the author

Steve has over 15 years of experience in retail general insurance, including influential roles at Hallmarque Assistance Ltd, Endsleigh and more recently as Compliance Director for Premium Choice Ltd, a large independent insurance broker.

Steve is Head of Compliance at RWA and is responsible for the day to day needs of some of RWA’s larger clients nationwide, often working with RWA’s senior team on larger more complex projects such as those involving remedial works, auditing of standards, developing compliance frameworks and providing project assurance, particularly when subject to FCA scrutiny.

Get RWA Insight In Your Inbox

Regular business news and commentary delivered direct to your inbox each week. Sign up here