Brokers facing 3.2% FCA fee rise as regulator budget grows to £640.1m


The Financial Conduct Authority has proposed that the general insurance mediation pot where brokers sit will pay £31.4m towards its annual funding requirement in 2022/23.

The 3.2% increase on this year’s bill would come as the watchdog’s total budget increases by 4.3% year-on-year to £640.1m.

The proposals set out in a consultation paper are due to be finalised by June when the FCA will calculate final fee rates.

The figure could also change due to amendments in the penalty rebates. The FCA has estimated applying £2.8m to the benefit of the broker pot.


According to the FCA, factors behind the increase in total budget include inflation at 6.2%

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Insurance Age? View our subscription options


Sign up and gain access to five complimentary news articles every month.

Already have an account? Sign in here

This address will be used to create your account

NSM to buy AllClear owner

NSM Insurance has signed up to buy InsurEvo Group, including AllClear Insurance, InsureandGo and JustCover, from Synova.

You need to sign in to use this feature. If you don’t have an Insurance Age account, please register now.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: