On November 16, the UK Financial Conduct Authority (FCA) published a consultation (Consultation) on regulatory fees and levies, and its policy proposals for 2017/2018. The Consultation sets forth the FCA’s proposals on: 1) the structure of a new levy to fund action against illegal money lending; 2) the relevant groups (fee-blocks) of regulated firms from which the FCA intends to recover the costs of implementing the revised Market in Financial Instrument Directive (MiFID II); 3) proposals for market infrastructure providers to use income as a measure to calculate fees to recover the FCA’s annual funding requirement; and 4) amendments and clarifications to be made to the FCA’s Fee Manual, among others.
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