FCA paper proposes variable-rate fee for asset managers with income over £100k

To replace higher charging bands

The Financial Conduct Authority (FCA) is proposing a new calculation method to recover its annual fees from asset and wealth managers, replacing higher charging bands with a variable-rate fee.

In the consultation paper CP16/33 Regulatory fees and levies: policy proposals for 2017/18, the regulator said the fees of service companies, such as asset and wealth managers, is already based on income but it is consulting on replacing the higher charging bands with a variable rate fee. FCA opens up feeder fund market to NURS investors Asset managers currently pay fixed rates based on income bands. The FCA is proposing to retain the lowest income band as a fixed minimum fee and replace the higher bands with a variable rate. As a result, on 2016/17 figures, service companies wi...