FSA broker fees to rise by only 2.7%

The amount that brokers have to pay in regulatory fees is to go up by 2.7% for 2009/2010, rather than the 21.2% rise proposed initially.

Total fees payable by some financial advisers will also increase by 4.8% compared to the 15% rise that had originally been suggested.

The total amount the FSA needs to raise from firms this year has risen by 35.8% from last year’s fees, but the regulator stresses that actual amounts firms have to pay will depend on factors such as volume of business and the number of permissions.

While some firms will benefit from lower fee hikes than first thought, the regulator says there are other firms that will experience a higher fee.

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