The UK’s securities regulator, the Financial Conduct Authority (FCA), plans to collect 24 percent more in fund manager fees this financial year.
In an FCA consultation paper, which proposes changes to fees and levies for all supervised firms, the regulator aims to pocket £13.4 million ($22.3 million; €16.1 million) from fund managers, up from £10.8 million last year.
“These increases reflect the recovery of our set-up costs for the implementation of the Alternative Investment Fund Managers Directive (AIFMD) in 2014/15,” the FCA explained.
However, the FCA was unable to provide further detail on how the proposed changed would impact individual fund managers.
“We don’t break the figures down beyond fee blocks – and individual managers may have different fees depending on their permissions and nature of the business they undertake,” an FCA spokesperson told PE Manager.
The FCA’s paper also adjusted how much fund advisors will have to contribute to the Money Advice Service (MAS), a government-led scheme offering free financial advice. Fund managers have had their MAS obligation cut by a third from £3.6 million to £2.5 million