FCA trims broker fees hike to 9.3%
The Financial Conduct Authority has confirmed it is raising the financial contribution of the general insurance mediation fee block by 9.3% for 2024/25, down from its initial projection of a 9.8% increase.
The pot in which brokers sit will now pay £38m towards the FCA’s running costs.
In March, the watchdog revealed a 10.7% jump in its annual budget to £755m.
The authority consulted on its fees and levies proposals in April, at which time it estimated a £38.1m bill for brokers.
The small reduction is due to brokers not having to pay towards an exceptional project – the Advice Guidance Boundary Review. The FCA listened to feedback and agreed general insurance firms are outside the scope of the project
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