FCA sets out funding rise as PPI storm lingers

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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 ye