The Financial Conduct Authority (FCA) is consulting on its fee schedule for all regulated firms for the 2015/16 financial year, requisite to covering the cost of the FCA’s regulatory activities, according to an FCA statement.
Yesterday, the UK regulator made headlines, warning the public about the services of two companies that are not operating outside the umbrella of FCA regulation, whilst lacking the permission to collect clients from the E.U. In addition, FCA also warned the public against dealing with a clone company named Tradignition, which provides binary options services.
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In looking at the specific figures, the FCA’s annual funding requirement is $713.7 million (£481.6 million), which constitutes an 8.4% jump from $661.5 million (£446.4 million) in the prior financial year.
In particular, 38% of all of the FCA’s regulated firms will continue to pay the minimum fee, having increased to $1,606 (£1,084) from $1,481 (£1,000), or 8.4%. The increase in fees is the first such hike since 2010.
According to Martin Wheatley, FCA Chief Executive, in a recent statement on the fees, “These proposals seek to share the cost of being regulated and ensure the FCA has the right resources in place to deliver appropriate protection for consumers and make markets work well.”