FCA hikes brokers’ fees by 8.5%

The Financial Conduct Authority (FCA), the UK’s financial regulator, has revealed that brokers will pay an extra 8.5 percent in fees for the financial year 2015/16.

Brokers will need to collectively pay £28.1 million, up from £25.9 million in the previous year, as the regulator’s annual funding hiked 7.9 percent to £481.6 million, compared with £446.4 million in 2014/15.

The FCA said the increase is driven mainly by increasing regulatory activities, which will enable it to undertake more enforcement activity to combat market abuse and unauthorised business.

The funding will also be used to invest in Project Innovate, the new initiative to ensure the regulatory environment is supporting innovation in the market.