AMI: FCA implements new fees 'under cover of Brexit'

"It is no longer able to meet the simple repetitious timetable of fees consultations, as they appear too excited looking for competition issues in markets where little concerns exist."

On Friday, the FCA issued a handbook notice which advised that they have implemented the new fees rates. The AMI has raised concerns that this was not advised to stakeholders or overtly published on their website.

However speaking to Financial Reporter, the FCA said that the policy statement would be released tomorrow.

In a statement, the AMI said: "We are promised the feedback statement in due course, but when remains a mystery. We cannot tell if any account has been taken of our submissions."

Robert Sinclair, Chief Executive of AMI, added: “The FCA appears to care little for the organisations’ that fund it. It is no longer able to meet the simple repetitious timetable of fees consultations, as they appear too excited looking for competition issues in markets where little concerns exist.

"To slip this out on a busy news day smacks of all that is wrong with a too big to care regulator. The sooner Andrew Bailey arrives and gets a grip of the organisation the better.”