Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of 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
Brewin's Gutteridge: the opportunities in UK challenger banks

Brewin's Gutteridge: the opportunities in UK challenger banks

In this week's podcast, Brewin Dolphin's Ben Gutteridge and Guy Foster, discuss opportunities in the global financials sector with Aptus' Johnny De La Hey.

Play Charles Tan on Woodford & hidden trust income gems

Charles Tan on Woodford & hidden trust income gems

Cantor Fitzgerald investment company analyst Charles Tan discusses Woodford Patient Capital and some of the income trusts slipping under the radar.  

Brewin's Foster: the world’s most unconventional monetary policies

Brewin's Foster: the world’s most unconventional monetary policies

In this week's podcast, Guy Foster asks why the world’s biggest economies are pursuing some of the world’s most unconventional monetary policies. 

Your Business: Cover Star Club

Profile: how Close Brothers gave power back to the regions

Profile: how Close Brothers gave power back to the regions

Almost a year into the role, Close Brothers Asset Management head of wealth management Andy Cumming has highlighted three keys areas of focus

Wealth Manager on Twitter