FCA to hit brokers with 3% rise in fees

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The Financial Conduct Authority (FCA) has issued its business plan for 2020/21.

The plan includes a proposed 3.0% rise in the fees that brokers pay and a 7.1% rise for general insurers.

The regulator also announced that it is undertaking a review to increase authorisation application fees. The fees would rise £1,500 to £2,500 for general insurance distribution firms, £5,000 to £8,500 for insurance special product vehicles and managing agents at Lloyd’s, and £25,000 to £42,000 for insurers.

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