FCA set to almost double minimum fee for financial services firms

From £1,151 to £2,200

The Financial Conduct Authority (FCA) wants to raise the minimum fee paid by financial services firms to cover the increased costs of regulation.

In a consultation published today (30 November), the body outlined its plans to increase the minimum fee from £1,151 to £2,200, which would "better reflect the costs associated with the authorisation and supervision of 51,000 firms throughout the UK". The minimum fee was set at £1,000 in 2010/11, and has grown to £1,151 over the last decade. It was frozen at that level last year to protect the smallest firms during the pandemic. FCA pours £5m into laptops for hybrid working The regulator has calculated the new minimum fee after factoring in the costs of regulatory reporting, its su...