FCA to cut fund manager and adviser levies

Savings made across the board

The Financial Conduct Authority (FCA) has proposed cutting fund manager fees for the coming year to £56.8m, down from £60.4m for 2015/16.

Asset managers will now pay 11.8% of the FCA's £481.6m annual funding requirement (AFR), which comes after the regulator and its affiliated bodies made efficiency savings that will be passed on to the industry. The charge covers the following asset management fee blocks: A.7 Portfolio managers (£42.6m), A.9 Managers and depositaries of investment funds, and operators of collective investment schemes or pension schemes (£11.8m), and C Collective investment schemes (£2.4m). The FCA also proposed to levy advisers £73.7m in 2016/17, £1.2m less than in the previous year when advisers paid ...