P2P lenders braced for fee hikes
The Financial Conduct Authority (FCA) has confirmed its annual funding requirement for 2019/2020, revealing that it will need £558.5m from all regulated firms – up from £543m last year. Peer-to-peer lenders are among those financial services firms preparing for a bill hike this month. The regulator has proposed a 1.9% increase in its minimum fee – which is paid by all regulated firms – while consumer credit firms could see a 3% rise. Firms may also have to contribute to levies for the Financial Ombudsman Service and the Money Advice Service, which is rebranding as the Money and Pensions Service (MAPS).