Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

FCA falls into £2.9m deficit & spends £3.3m on RDR

1 Comment
FCA falls into £2.9m deficit & spends £3.3m on RDR

The Financial Conduct Authority (FCA) made a loss of £29.3 million over the year with the money it spent on the retail distribution review rising.

According to its annual report for the year to 31 March 2014, the financial watchdog had a deficit of £2.9 million at the end of the year versus a surplus of £22.8 million in the previous year.

The loss was partly due a decline in fee income, which fell from £449 million to £435.4 million. This reduction was driven mainly by the FCA returning an extra £8.9 million to fee payers.

It also registered an actuarial loss of £26.4 million in relation to its defined benefit scheme, although this was narrower than the £43.9 million loss in 2013 due to 'actual experience against the assumptions being closer than the prior year'.

Meanwhile 'Other' income increased from £16.7 million in 2013 to £35.4 million in 2014.  

Elsewhere operating costs fell from £528.2 million to £434.5 million, thanks in part to a decline in regulatory reform costs from £31.6 million to £2.6 million.

However, RDR costs rose from £2.4 million to £3.3 million.  

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Citywire Scotland: how wealth managers use new tech

Citywire Scotland: how wealth managers use new tech

We caught up with a few wealth managers at our annual event in Gleneagles to find out what technological innovations they are employing across their businesses.

1 Comment Play CEO Tapes: Buxton to Gilbert - ‘my Glencore quandary’

CEO Tapes: Buxton to Gilbert - ‘my Glencore quandary’

Do not miss the first two minutes of this film as Richard Buxton shares how he has been challenged by a client for owning shares in a certain company.

Play CEO Tapes: the huge opportunities for asset managers

CEO Tapes: the huge opportunities for asset managers

From tech disruption, retirement and poaching, the CEO discuss the opportunities for their businesses in this episode.

Read More
Wealth Manager on Twitter