Sector to benefit from 0.6% reduction if proposed fees are confirmed after consultation.
The Financial Conduct Authority (FCA) has revealed that brokers may see a small reduction of 0.6% for the 2017/18 fees.
Under the proposals – which are now being consulted upon – the general insurance mediation section of the FCA will pay £27.5m in total to the watchdog.
The decrease for the fee block from £27.6m the previous year would be the second fall in a row as last year it benefited from an overall 1.6% decrease.
The news came as the authority detailed that its budget would rise by 1.5% to £526.9m.
However, the latest figures are still to be confirmed.
For instance, last week the Financial Services Compensation Scheme confirmed that brokers would pay a levy of £18m for 2017/18 an increase of £10m on 2016/17.
The proposed figure had originally been £13m which would still have represented a £5m uplift.
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