FCA proposes 10.4% hike to broker fees block

Price hike and data graph technology_concept

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.

We are well underway to achieving our objectives thanks to our talented colleagues and the better use of technology and data across our organisation.  Nikhil Rathi

Wi

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