Speaking at the final public meeting of the Financial Services Authority (FSA) on Thursday, Wheatley would only say the regulator would assess its annual funding allocations as it does every year.
It follows calls for declining adviser numbers to be reflected in lower FCA fees – notably by the Association of Professional Financial Advisers this week.
Wheatley said: “The fact that some [advisers] have withdrawn from a particular industry is taken into account when we look at the allocation overall each year. This is a dynamic process, it’s not something that is fixed.
“Each year we take a review as to how each blocks operate and changes in dynamics of the industry get factored into that review.”
However, he added: “I can’t commit to [lowering the fees next year]. All I can commit to is that every year we take a view as to how the fee block should be shared out and we’ll do that again this year.”
Wheatley pointed out that many smaller advisory businesses have been unaffected by fee increases as they are subject to a £1,000 cap.
“Even if fees had gone up – and they have – that hasn’t been felt disproportionately by the small player,” he said.
Earlier this week, APFA director general Chris Hannant said: “The new, smaller market cannot be expected to shoulder the same financial burden it did when it was much larger.
“It is vital the amount the FCA asks from advisers is fair and proportionate. We will continue to press the FCA to ensure that becomes a reality.”
