However, a combination of fees to the Securities and Investments Board and the PIA Ombudsman will bring costs to £30.6m. Members will also be invoiced separately for an extra £3.2m to run the new pensions unit. An extra compensation scheme levy will be made in April.
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The Personal Investment Authority, the new financial services regulator, yesterday announced fee increases of up to 13.2 per cent for its life company members. Financial advisers face a smaller rise, of 7.7 per cent. The PIA's expected running costs, at £21.7m, are slightly less than the amount first set out in its prospectus last year.