The FCA has published Policy Statement 14/11: FCA regulated fees and levies 2014/15: including feedback on CP14/6 and ‘made rules’ (PS14/11).
In PS14/11, the FCA sets out the 2014/15 periodic regulatory fees and levies for the FCA, the Financial Ombudsman Service (FOS) general levy, and the Money Advice Service (MAS) levies.
In PS14/11, the FCA states that:
- its annual funding requirement (AFR) remains unchanged from that consulted on, being the sum of £446.4 million, an increase of 3.3% on the 2013/14 AFR;
- it has decided to proceed with the MAS levy rates as proposed in consultation;
- the consumer credit levy and fee rates are being implemented at the level consulted on. The new fees are higher but this is due to the fact that the new consumer regime has more responsibilities and stronger powers;
- the final FOS general levy rates have changed since the consultation. This is because the proposed rates were calculated on the basis of estimated fee-payer populations and tariff data; and
- interestingly, chapter 4 of PS14/11 confirms the amount of retained financial penalties from 2013/14 is £39.1 million, which is 10.3% less than estimated in the consultation. A related table (Table 4.1) sets out how the reduced retained penalties are to be distributed across fee-blocks.