The Financial Conduct Authority is proposing to double the fees charged to member institutions under its ambit.
Under the proposals, the minimum fee, which has remained largely unchanged over the last decade, would increase from £1,151 to £2,200.
The watchdog says the fee increase would better reflect the costs associated with the authorisation and supervision of 51,000 firms throughout the UK.
The FCA has committed to invest £120 million over the next three years to strengthen its ability to identify firms and individuals of concern. In July, the regulator submitted plans to open an office in Leeds with at least 100 staff recruited in the first phase and to double its headcount in Edinburgh to over 200 in the next two years.
In addition, the FCA is proposing changes to the calculation of consumer credit firm fees to bring them more into line with other firm fees.