Laura WilesFCA has published its regulatory fee and levy rates for 2023/24.
The regulator is freezing minimum fees, flat rate fees and application fees in an effort to encourage competition and support firms facing inflationary pressures, particularly the smallest fee-payers paying minimum fees only. It expects to resume its policy of inflationary increases from next year.
In terms of allocation across fee blocks, most firms are seeing percentage increase in the AFR of between 8-10%.
FCA has also been able to reduce the total amount collectable through fees by retaining sufficient revenues from financial penalties to cover its 2022/23 enforcement costs. Its earlier consultation paper had estimated this revenue to be £50.3m, but the policy statement now confirms the amount as £52.5m.