A mere £755 million to fund the costs of the FCA and their 5,000 employees, and to prevent the rest of us getting above ourselves. Staff costs are £402m – over £80k per employee. IT costs to run their ghastly software are £92million, or £18k per employee per annum.
But the real sting in the tail is reserved for those who think that funding the FCA and FOS is the real cost of trading in the UK. You forget! The big one is still to come, that is the FSCS, the fund to compensate customers who have been failed by companies that have collapsed. This is the big levy that IFAs fear, and the costs come round later in the year after you have got over the shock of the regulator’s own costs.
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Users of BAT know that our turnover register easily fills out the Reg Data returns, which in turn drive at least some of the Fees that the FCA charge you, and nearly all of the FSCS compensation levy that is the one that is coming your way later this year, and is related to turnover type.