The Association of Professional Financial Advisers (APFA) has responded to the Financial Conduct Authority’s budget announcement for 2013/14.

Chris Hannant, policy director at APFA, admitted that the precise details of the FCA’s budget for the next year are not yet clear.

He added: “However, our initial calculations suggest that there will be a big hike in fees for all types of intermediaries, potentially up to a 30% rise.

“While we don’t know the breakdown, this could come as a further blow to advisers already dealing with the impact of the wider economic environment and the costs of RDR.

“What’s particularly disappointing is that firms are still unsure exactly what their total bill will be for next year. Uncertainty is damaging for businesses, so we urge the regulator to publish its Fees Paper as soon as possible.”