The Financial Conduct Authority (FCA) has confirmed that it wants to up its minimum fee for the cost of regulation for 2022/23.

It confirms details revealed earlier today: under this new proposal, the minimum fee, “which has remained largely unchanged over the last decade”, as the FCA puts it, will go up from £1,151 to £2,200.

The regulator says that this “better reflects” the costs of authorising and supervising more than 51,000 firms.

It adds: “The FCA will consider all feedback received on the consultation and expects to implement changes in time for the 2022/23 fee cycle.”

Late last week, the FCA stated that it had overhauled its decision-making process to ensure it can make “faster and more effective” decisions.