The Financial Conduct Authority (FCA) has proposed changes to the fees financial services firms pay to cover the cost of regulation.
The minimum fee, which has remained largely unchanged over the past 10 years, would increase from £1,151 to £2,200.
The regulator said that the hike would better reflect the costs associated with the authorisation and supervision of 51,000 firms throughout the UK.
The FCA has committed to invest £120 million over the next three years to “strengthen its ability to identify firms and individuals of concern.”
In addition, the authority is proposing changes to the calculation of consumer credit firm fees to bring them more into line with other firm fees.
The FCA will consider all feedback received on the consultation and expects to implement changes in time for the 2022/23 fee cycle.
Latest News
-
Monzo launches digital tax filing tool for sole traders and landlords
-
LSEG and Microsoft expand partnership to advance agentic AI services
-
Mastercard rolls out payment optimisation platform to boost acceptance rates
-
Tide expands tech centre in Lithuania
-
10 international banks explore digital currency launch
-
Ex Klarna boss joins FinTech lender Salad Group as CEO
Data trust in the AI era: Building customer confidence through responsible banking
In the second episode of FStech’s three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech examines the critical relationship between data trust, transparency, and responsible AI implementation in financial services.
Banking's GenAI evolution: Beyond the hype, building the future
In the first episode of a three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech explores how financial institutions can navigate the transformative potential of Generative AI while building lasting foundations for innovation.
Beyond compliance: Building unshakeable operational resilience in financial services
In today's rapidly evolving financial landscape, operational resilience has become a critical focus for institutions worldwide. As regulatory requirements grow more complex and cyber threats, particularly ransomware, become increasingly sophisticated, financial services providers must adapt and strengthen their defences. The intersection of compliance, technology, and security presents both challenges and opportunities.
Unleashing generative AI: A force multiplier for financial crime teams
This FStech webinar, sponsored by NICE Actimize sees industry experts examine the revolutionary impact of generative AI on financial crime operations, and provides actionable insights to enhance your compliance strategies.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories