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.
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.