The regulator is proposing to cut this from £250 to £100.
The FCA said this was its aim to make fees fairer and more proportionate, especially for smaller firms and businesses with limited resources.
The regulator said that since the fee was introduced, it had made changes to its processes, including the way fees are paid, and launched the My FCA platform earlier this year.
The FCA said this had increased the compliance rate among firms and is now being used by 80% of businesses.
The regulator is also proposing to give firms clearer guidance and better notifications to help them understand the process and avoid unnecessary administrative fees. Further, it is proposing to remove three more data collections for insurance firms that it says are no longer needed.
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The regulator said this was part of its ongoing commitment to improve regulatory processes by streamlining compliance and reducing the burden on firms.
Earlier this week, the FCA said it would streamline the complaints process for firms to make it more transparent and consistent.
