Proposed 7.1% increase to insurers' contribution to FCA budget will add to firms' 'financial burden' in difficult times
The Financial Conduct Authority is consulting on changes to its fees and levies which would see annual contributions by general insurers and general insurance brokers increase 7.1% and 3% respectively.
Under the proposed changes, insurers and brokers would contribute £28.4m and £29.9m of the regulator’s annual funding requirement of £587.6m in 2020/21, compared to £26.6m and £28.4m last year.
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