Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and 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 Taxicab Tenner: AXA IM's Nicolas Trindade

Taxicab Tenner: AXA IM's Nicolas Trindade

After a summer break, it is the turn of AXA Investment Manager's Nicolas Trindade to give a £10 view of how fixed income is faring.

Play Wealth Manager Olympics: the Relay

Wealth Manager Olympics: the Relay

In the final round of the Wealth Manager Olympics, our intrepid athletes team up for the relay.

Play Wealth Manager Olympics: the Shot Put

Wealth Manager Olympics: the Shot Put

After busting a gut in the 100m sprint, our wealth manager Olympians displayed their brute strength in the shot-put.

Read More
Your Business: Cover Star Club

Profile: gearing up for the shift from consolidation to start-ups

Profile: gearing up for the shift from consolidation to start-ups

‘I think the industry is evolving rapidly, but not necessarily as a whole,’ says the head of recently launched Charles Nicholson AM

Wealth Manager on Twitter