FCA makes final fees rules

The FCA has published its final fees and levies for 2024/25. It has made minor changes to the amounts it consulted on. One of the most contentious proposals had been that it would split the costs for its cryptoasset exceptional project across all fee blocks. Many respondents had said these should be limited to crypto firms only but the FCA has explained that in time, and once more crypto firms are authorised for the activities that are to be newly regulated, it will recover ongoing supervisory costs from them, but for the current project that looks at the potential impact that illicit crypto use could have on the broader population of authorised firms it thinks it appropriate to split the fees across all fee blocks.

The policy statement also confirms that now that Consumer Duty compliance has become “business as usual”, it will no longer have an exceptional project for this, but supervision costs will be built into its “Ongoing Regulated Activities”  and spread across all fee blocks.  The FCA has also agreed to remove any part of its cost recovery for the Advice Guidance Boundary Review from the General Insurance fee block.

Emma Radmore