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

money-staircase

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.

Inflation

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

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