Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment his Department has made of the financial effect of increased regulatory fees on financial advisors.

The Financial Conduct Authority (FCA) are responsible for setting the regulatory fees for industry and recently consulted on their fees for 2020-21. A response to the consultation can be found on the FCA’s website. The FCA operates independently within the statutory framework agreed by Parliament. The Government therefore, has no role in the FCA’s budgeting or setting of the levy.

The Treasury works closely with the FCA to ensure that the market for financial advice works well. We are aware of concerns about the effect of the increased regulatory fees on financial advisers and we are working with the FCA who are monitoring the impact.