The Financial Conduct Authority (FCA) issued a handbook notice on Friday 24 June to notify advisers that changes to periodic fees were being implemented. The notice followed a meeting of FCA board members which took place on 23 June.
Brokers were notified in April that they could face an increase in the fees paid to the FCA in the regulator’s fees and levies consultation.
But AMI has criticised the regulator for burying the handbook update on the day of the EU referendum result and failing to accompany the notice with feedback and a policy statement.
Robert Sinclair, chief executive of AMI, said firms may now be able to access their new fee levels through the FCA’s calculator, but would be unaware as advisers had not been notified.
However, an FCA spokeswoman said no advisers are able to access the new fees yet as the calculator is currently displaying only the actual rates and consultation rates.
Sinclair added: “The FCA appears to care little for the organisations that fund it. It is no longer able to meet the simple repetitious timetable of fees consultations, as they appear too excited looking for competition issues in markets where little concerns exist.
“To slip this out on a busy news day smacks of all that is wrong with a ‘too big to care’ regulator. The sooner Andrew Bailey arrives and gets a grip on the organisation the better.”
The FCA said it would be issuing its feedback within a separate policy statement tomorrow.
