FCA confirms MGAs are exempt from £7.5m BI special levy

Coronavirus

The Financial Conduct Authority (FCA) has clarified that managing general agents (MGA) are not part of the fee block which is expected to pay a £7.5m special fee in 2021/22 after its initial consultation paper erroneously claimed that they were.

The regulator said in its consultation paper on periodic fees rates for the next financial year, published last week, that it intended to introduce the special fee to recover external legal fees and other costs relating to the business interruption (BI)

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