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FSA to raise £435.5m this year through increased fees

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FSA to raise £435.5m this year through increased fees

Whilst mortgage brokers across the country breathe a sigh of relief at the news that the FSA has finally swung in their favour and regulatory fees will only rise by 2.7% this year, it is a different story for banks and larger financial services companies.

These institutions will face an extra 36% in fees to pay, for what the FSA has called the cost of “intrusive and directive” monitoring. Now that the economic downturn has forced the regulator to sit up and take notice of what the banks are actually doing, fees for large, deposit-taking banks will more than double and, in the process, raise £435.5 million for the City watchdog for this financial year.

This does not come as much of a surprise for the industry. Since some of the UK’s banking institutions were brought to the edge last year, requiring Government aid, the role of the financial regulator needed to be stepped up. In the last few months, the FSA has had to hire over 280 new staff to scrutinise the banking sector.

However, good news abounds for the 10,000 smallest financial institutions and IFA firms who are struggling with the current market conditions – their FSA fees have been frozen for this year.

 





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