On the 30th June, the FCA published PS16/16, confirming that its levy for advisers will be £73.7m for 2016/17.
Whilst this is a much-needed decrease on last year, at 1.6%, it is not a substantial one. The underlying annual funding requirement remains unchanged from last year (£481.6m), and the proposed decrease in the cost of ‘ongoing regulatory activities’ is also confirmed. Fundamentally, the allocation of fees and levies has not changed from those proposed in CP16/9 published in April.
However, it should be noted that the FCA has listened to some of the challenges raised since April, with the result of some ‘tweaking’ around the edges.
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