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.
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