Brokers challenge FCA over proposed fee hike amid Covid-19 pandemic

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Brokers have reacted with disappointment to the Financial Conduct Authority’s (FCA) fee hike, Insurance Age has found.

The regulator revealed yesterday (7 April) that it is seeking to raise £29.9m from general insurance mediation firms in 2020/21, a rise of 3% over the previous financial year.

The FCA is also proposing to increase authorisation application fees from £1,500 to £2,500 for general insurance distribution firms.

An open consultation on the proposals is running until 19 May 2020.

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