On 4 July 2023, the FCA published Policy Statement 23/10: FCA regulated fees and levies 2023/24 (PS23/10), which includes feedback on its earlier consultation and sets out the final 2023/24 periodic regulatory fees and levy rates for the FCA, the Financial Ombudsman Service, and levies collected on behalf of government departments.

In PS23/10, the FCA confirms that it:

  • Is freezing minimum fees, flat rate fees and application fees. This is intended to encourage competition and support firms who are facing inflationary pressures, especially the 17,000 smallest fee-payers who pay minimum fees only. The FCA expects to resume its policy of inflationary increases from next year.
  • Has allocated cost recovery between fee-blocks in the proportions described in its earlier consultation.