FSA to increase regulatory fees once again
The Financial Services Authority (FSA) is to increase the level of fees firms will be required to pay for 2012/13 under its annual funding requirement (AFR).
The AFR has increased from £500.5m in 2011/2012 to £559.8m, but this is a reduction on the proposed figure of £578.4m, with the regulator predicting the reduction would “flow through evenly to all fee-payers, except for those that only pay the minimum regulatory fee”.
Currently 42% of the FSA’s authorised firms need only pay the minimum fee which will remain unchanged at £1,000 for the third year running.
The FSA benefited from financial penalties received for 2011/12, which totalled £70.7m
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