The Financial Conduct Authority (FCA) has set a budget of £537.7m for the year 2019/20 which represents a 2% increase on last year.
The regulator, which is currently consulting on the proposals, stated that it is “committed to delivering an ORA [ongoing regulatory activities] budget that is flat in real terms”.
The document detailed that £29m in fees would be collected from regulated firms doing general insurance mediation. This is a 3.4% increase on last year’s figure which hit £28.1m.
The Insurance Age team examine the most read stories for the week commencing 3 June 2019.Subscribe to our daily newsletter for all the latest news
- Konsileo parts ways with four brokers
- Brokers call on HMRC to reform IPT
- Broker Network owner set to make more deals with fresh funding
- Elite proposes solvency scheme to avoid liquidation
- Two TMK executives resign amid fresh sexual harassment claims at Lloyd's
- IFB launches counter fraud database
- Motor market records best year since 1985 ahead of troubled future, says EY