FCA proposes 10.4% hike to broker fees block
The Financial Conduct Authority is poised to raise fees for the general insurance mediation pot where brokers sit to £34.7m for 2023 to 2024, as its budget rises to £684.2m, including a £5.3m Consumer Duty cost.
The 10.4% rise for brokers from the current £31.5m would be ahead of the 8.5% year-on-year increase to the FCA’s overall funding requirement.
Under the proposals being consulted on by the watchdog, brokers will benefit from £2.9m of penalties collected in the current financial year being rebated into the GI mediation group.
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