UK MPs ask FCA to explain value for money of £74m levy

Added 26th April 2016

The chairman of the UK’s Treasury Select Committee, Andrew Tyrie, has asked the Financial Conduct Authority (FCA) to explain how it will ensure levy payers are getting value for money.

UK MPs ask FCA to explain value for money of £74m levy

He told FCA chairman John Griffith-Jones to write a letter setting out how the FCA justifies the regulatory fees paid by financial services firms.

Earlier this month, the FCA set out its £518.9m ($750m, €666.7m) budget for 2016/17, with financial advisers paying £73.7m towards it.

The levy represents a 1.6% reduction in fees compared to the £74.9m paid out the previous year.

Furthermore, advisers will also receive a £4.2m rebate on its 2016/17 fees from fines levied against firms over the past year.

Speaking at a committee hearing on Tuesday, Tyrie said that firms paying the levy were not happy they were getting value for money from their regulatory fees.

‘I’m not going to raise this with you in any great detail now, but there’s dissatisfaction, concern, that we might not be getting value for money from the levy,’ he said.

‘The levy is always paid for by consumers in the end. It’s a cost we are all bearing and we need to make sure we do get good value for money for it.’

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Monira Matin

Senior Reporter

Monira joined International Adviser in March 2016 from Informa Global Markets where she worked as a eurobond reporter for over two years, covering fixed income markets. She has previously held a number of editorial positions covering politics, insurance and technology. Monira has a degree in Journalism and Economics from City University.



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