FCA Consults on Changes That Will See Minimum Fees Nearly Double

The Financial Conduct Authority is proposing to nearly double the minimum fees that smaller finance firms currently pay to fund its operations.

The minimum fee would increase from 1,151 pounds ($1,535) to 2,200 pounds under the proposals published Tuesday, according to a statement on its website. The increase reflects plans by the financial-markets watchdog to pursue consumer scams more efficiently by investing 120 million pounds over three years to improve its data collection and analysis.

The focus on consumers comes with the FCA under pressure from a U.K. parliamentary committee to overhaul its operations over its oversight of London Capital ...