FCA sets out funding rise as PPI storm lingers
New regulator increases annual funding requirement for FCA and PRA to £646.3m
No sooner had the Financial Conduct Authority (FCA) got its feet under the desk then it had already announced a funding rise.
The regulator – which officially came into force on 1 April – confirmed just over a week later that the annual funding requirement (AFR) for both the FCA and the Prudential Regulation Authority (PRA) will hit £646.3m for 2013/14.
Brokers are no strangers to rising fees and this is a 15% increase on the amount needed to fund the Financial Services Authority the previous
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