|Published : 19 Apr 2017, 14:26:02 | Updated : 19 Apr 2017, 14:31:49|
FCA raising its fees
LONDON: The Financial Conduct Authority (FCA) is raising its fees, which are paid by industry rather than the taxpayer, by 1.5 per cent this year to £526.9m, which includes an additional £2.5m for Brexit, according to a global media report Wednesday.
This will mainly be borne by cross-border firms, rather than those with a UK-only presence.
But the extra work the FCA must do over Brexit means it has had to postpone plans to cut the length of its rule book, which when printed out in full measures 6ft 2in, because of the disruption firms are facing and the resources the FCA has to devote to the issue.
Among the five documents the FCA published on Tuesday was a 35-page mission statement in which it set out its plans to be a bolder but more accountable organisation, making vulnerable consumers who could not switch providers a priority.
Signs of this consumer zeal could also be found in the business plan, with the watchdog pledging to scrutinise retail banks’ business models and the ballooning consumer credit and motor finance sectors.