More firms to pay Solvency II costs

The UK’s largest 120 firms will be asked to pay an additional fee to finance the regulator’s preparatory work for Solvency II. In a consultation paper on regulatory fees and levies for the 2009/10 financial year, the Financial Services Authority (FSA) proposes to charge £3.2m next year which will be collected from the 60 largest general insurers, the 60 largest life insurers and the Society of Lloyd’s.