January figures cut by up to 20%
The FSA announced this week that fees and levies on brokers for 2005 to 2006 will be up to 20% lower than the predictions laid out in the regulator's January 2005 consultation paper.
The FSA said: "Overall the majority of FSA fees for all firms are either reduced or have remained the same as those listed in the January 2005 Consultation Paper.
"This is due to the FSA's funding requirement for 2005 to 2006 being £6.6m less than originally forecast. Additionally in some fee blocks, the distribution of enforcement fines will reduce fees further."
The FSA's fee for a small broker with an annual income of £73,000 will be £400, compared to the £500 estimate made in January. The contribution to the Financial Services Compensation Scheme (FSCS) for the same firm will be £9, 31% less than the £13 outlined in January.
For a medium firm with a £2m annual income, the FSA fee will be £6,591 - 13% lower than originally predicted. Contribution to the FSCS will be £201, 25% less than the £269 predicted in January.
A large firm with an income of £18m will pay the FSA £40,151, 13% less than predicted by the regulator in January. The FSCS contribution for such a firm will be £1,548, 27% less than the £2,113 previously predicted.
Brokers of all sizes will contribute £50 to the Financial Ombudsman Service this year.
