FCA set to raise broker levy by 9.8%

Money

The Financial Conduct Authority is set to hit brokers with an inflation busting 9.8% hike in fees for the general insurance mediation pot in 2024/25.

The rise, significantly ahead of the current 3.4% rate of inflation, would follow on from a 10.4% increase handed out last year.

The proposal would see the sector contribute £38.1m to the regulator’s annual funding requirement.

We remain resolute in supporting the vital role the financial sector plays in the UK’s long-term economic growth, embracing the potential benefits that technology presents both for us and the firms we regulate, while also continuing to protect consumers and ensure market

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