Adviser fees down 19% after fee block realignment

Financial advisory businesses will contribute £68m to the Financial Conduct Authority's funding requirement for 2014-2015, a near-19% reduction on last year following a re-working of the regulator's fee blocks.

In 2013-2014, advisers paid a total of £83.6m, but many of these costs have been removed following a decision to add a new fee block for firms holding or controlling client money or assets. The 2013-2014 allocation also included a £3.7m one-off amount covering the accumulated three-year Retail Distribution Review (RDR) project costs, the regulator said. Details of the FCA's funding requirement and the contributions of fee payers were outlined in its Business Plan on Monday. Earlier this year, the FCA consulted on creating a new fee block (A21) for firms carrying on investment busin...