Fund manager contribution to FSA levy jumps 32%

Fund managers will contribute more than £37m to the FSA's total funding requirement for 2012/13, an increase of 32.4% on last year.

Fee block A7, which comprises fund managers, will pay £37.3m, up from £28.2m in 2011/12, the regulator proposed today. Overall, the FSA's annual funding requirement (AFR) for 2012/13 will be £578.4m, up from £500.5m in 2011/12 and a gross increase of 15.6%. Advisers and arrangers - including all advisory businesses which do not hold client money - will pay £38.4m towards the AFR, a 3.4% reduction on last year. The minimum fee for small firms has been kept at £1,000, and the FSA said the largest firms will shoulder most of the increase in total AFR. This is likely to be the FSA's...