FEES 1
Fees Manual
FEES 1.1
Application and Purpose
- 01/01/2006
FEES 1.1.1
See Notes
- 01/06/2008
Application
FEES 1.1.2
See Notes
This manual applies in the following way:
- (1) FEES 1, 2 and 3 apply to:
- (a) every applicant for Part IV permission (including an incoming firm applying for top-up permission);
- (b) every Treaty firm that wishes to exercise a Treaty right to qualify for authorisation under Schedule 4 to the Act (Treaty rights), except those providing cross border services only, in respect of regulated activities for which it does not have an EEA right;
- (c) every applicant for a certificate under article 54 of the Regulated Activities Order;
- (d) every applicant for an authorisation order for, or for recognition of, a collective investment scheme;
- (e) every operator of a scheme making a notification under section 264 or section 270 of the Act;
- (f) every person seeking to become a designated professional body;
- (g) every applicant for recognition as a recognised body under Part XVIII of the Act (Recognised investment exchanges and clearing houses);
- (h) every applicant for listing (under the listing rules);
- (i) every applicant for approval as a sponsor (under the listing rules);
- (j) every issuer (under the listing rules) of tranches from debt issuance programmes and securitised derivative tranches;
- (k) every issuer (under the listing rules) involved in specific events or transactions during the year where documentation is subject to transaction vetting by the FSA;
- (l) under the prospectus rules every issuer, offeror or person requesting approval or vetting of the documents arising in relation to specific events or transactions that it might be involved in during the year;
- (m) every applicant to be listed as a designated investment exchange;
- (n) every firm applying for variation of its Part IV permission;
- (o) every firm applying for or being concerned in an application for permission to use an advanced prudential calculation approach or guidance on the availability of such a permission (including any future proposed amendments to those approaches);
- (p) every firm or person referred to in category (u) of Column 1 of FEES 3.2.7 R;
- (q) every applicant applying for authorisation as an authorised payment institution or registration as a small payment institution under the Payment Services Regulations;
- (r) every applicant for variation of its authorisation or registration under the Payment Services Regulations; and
- (s) every insurer applying for a ceding insurer's waiver.
- (2) FEES 1, 2 and 4 apply to:
- (a) every firm (except an ICVC or UCITS qualifier);
- (b) every manager of an authorised unit trust;
- (c) every ACD of an ICVC;
- (d) every person who, under the constitution or founding arrangements of a recognised scheme, is responsible for the management of the property held for or within the scheme;
- (e) every designated professional body;
- (f) every recognised body;
- (g) under the Listing Rules every issuer of shares, depositary receipts and securitised derivatives;
- (h) under the Listing Rules every sponsor; and
- (i) under the Disclosure Rules and Transparency Rules every issuer of shares, depositary receipts and securitised derivatives.
- (3) FEES 1, 2 and 5 apply to:
- (a) every firm which is subject to the Compulsory Jurisdiction of the Financial Ombudsman Service; and
- (b) every other person who is subject to the Compulsory Jurisdiction in relation to relevant complaints.
- (4) FEES 1, 2 and 6 apply to:
- (a) every participant firm other than a person with an interim RSRB permission (and no other permissions) because he has submitted an application for interim permission in accordance with article 32(1) of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (SI 2009/1342) and that permission has been given;
- (b) the FSCS; and
- (c) the Society.
- 01/07/2009
FEES 1.1.3
See Notes
- 01/01/2006
Purpose
FEES 2
General Provisions
FEES 2.1
Introduction
- 01/01/2006
Application
FEES 2.1.1
See Notes
- 01/01/2006
FEES 2.1.2
See Notes
- 01/01/2006
FEES 2.1.3
See Notes
- 01/01/2006
Purpose
FEES 2.1.4
See Notes
- 01/01/2006
FEES 2.1.5
See Notes
Paragraph 17 of Schedule 1 to and section 99 of the Act and regulation 92 of the Payment Services Regulations enable the FSA to charge fees to cover its costs and expenses in carrying out its functions. The corresponding provisions for the FSCS levy and FOS levies and case fees are set out in FEES 6.1, and FEES 5.2 respectively.
- 06/05/2009
FEES 2.1.5A
See Notes
- 01/05/2009
FEES 2.1.6
See Notes
The FSA fees payable will vary from one financial year to another, and will reflect the FSA's funding requirement for that period and the other key components, as described in FEES 2.1.7G. Periodic fees, which will normally be payable on an annual basis, will provide the majority of the funding required to enable the FSA to undertake its statutory functions.
- 01/01/2006
FEES 2.1.7
See Notes
The key components of the FSA fee mechanism (excluding the FSCS levy and FOS levy and case fees, which are dealt with in FEES 5 and FEES 6) are:
- (1) a funding requirement derived from:
- (a) the FSA's financial management and reporting framework;
- (b) the FSA's budget; and
- (c) adjustments for audited variances between budgeted and actual expenditure in the previous accounting year, and reserves movements (in accordance with the FSA's reserves policy);
- (2) mechanisms for applying penalties received during previous financial years for the benefit of fee payers;
- (3) fee-blocks, which are broad groupings of fee payers offering similar products and services and presenting broadly similar risks to the FSA's regulatory objectives;
- (4) a costing system to allocate an appropriate part of the funding requirement to each fee-block; and
- (5) tariff bases, which, when combined with fee tariffs, allow the calculation of fees.
- 01/01/2006
FEES 2.1.8
See Notes
- 01/01/2006
FEES 2.1.9
See Notes
- 01/01/2006
FEES 2.1.10
See Notes
- 01/01/2006
FEES 2.1.11
See Notes
- 01/05/2009
FEES 2.2
Late Payments and Recovery of Unpaid Fees
- 01/01/2006
Late Payments
FEES 2.2.1
See Notes
If a person does not pay the total amount of a periodic fee (including fees relating to transaction reports to the FSA using the FSA's Transaction Reporting System (see SUP 17)), FOS levy or case fee, or share of the FSCS levy, before the end of the date on which it is due, under the relevant provision in FEES 4, 5, or 6, that person must pay an additional amount as follows:
- (1) if the fee was not paid in full before the end of the due date, an administrative fee of £250; plus
- (2) interest on any unpaid part of the fee at the rate of 5% per annum above the Bank of England's repo rate from time to time in force, accruing on a daily basis from the date on which the amount concerned became due.
- 01/11/2007
FEES 2.2.2
See Notes
- 01/04/2007
Recovery of Fees
FEES 2.2.3
See Notes
Paragraph 17(4) of Schedule 1 and section 99(5) to the Act permit the FSA to recover fees (including fees relating to payment services and, where relevant, FOS levies), and section 213(6) permits the FSCS to recover shares of the FSCS levy payable, as a debt owed to the FSA and FSCS respectively, and the FSA and FSCS, as relevant, will consider taking action for recovery (including interest) through the civil courts. Also, the FOS Ltd (in respect of case fees) may take steps to recover any money owed to it (including interest).
- 01/05/2009
FEES 2.2.4
See Notes
In addition, the FSA may be entitled to take regulatory action in relation to the non-payment of fees and FOS levies. FSA may also take regulatory action in relation to the non-payment of FOS case fees or share of the FSCS levy, after reference of the matter to FSA by FOS Ltd or FSCS respectively. What action (if any) that is taken by the FSA will be decided upon in the light of the particular circumstances of the case.
- 01/01/2006
FEES 2.3
Relieving Provisions
- 01/01/2006
Remission of Fees and levies
FEES 2.3.1
See Notes
- 01/11/2008
FEES 2.3.2
See Notes
- 01/11/2008
FEES 2.3.2A
See Notes
- 01/11/2008
FEES 2.3.2B
See Notes
- 01/11/2008
FEES 2.4
VAT
- 01/04/2009
FEES 3
Application, Notification and Vetting Fees
FEES 3.1
Introduction
- 01/01/2006
Application
FEES 3.1.1
See Notes
- 01/01/2006
FEES 3.1.1A
See Notes
- 01/05/2009
FEES 3.1.2
See Notes
- 01/01/2006
Purpose
FEES 3.1.3
See Notes
- 01/01/2006
FEES 3.1.4
See Notes
- 01/01/2006
FEES 3.1.5
See Notes
- (1) The rates set for authorisation fees represent an appropriate proportion of the costs of the FSA in processing the application or exercise of Treaty rights.
- (2) The fees for collective investment schemes reflect the estimated costs to the FSA of assessing applications and notifications. The level of fees payable in respect of an application or a notification will vary depending upon the provision of the Act under which it is made. This fee is adjusted when the scheme concerned is an umbrella.
- (3) Application fees for recognised bodies are calculated from a tariff structure intended to reflect the estimated cost of processing an application of that type and complexity.
- 01/04/2009
FEES 3.1.6
See Notes
- 01/01/2006
FEES 3.1.6A
See Notes
- 01/05/2009
FEES 3.1.7
See Notes
- 06/10/2007
FEES 3.1.8
See Notes
- 06/10/2007
FEES 3.2
Obligation to pay fees
- 01/01/2006
General
FEES 3.2.1
See Notes
A person in column (1) of the table in FEES 3.2.7 R as the relevant fee payer for a particular activity must pay to the FSA a fee for each application or request for vetting, or request for support relating to compatibility of its systems with FSA systems, or admission approval made, or notification or notice of exercise of a Treaty right given, or other matter as is applicable to it, as set out or calculated in accordance with the provisions referred to in column (2) of that table:
- (1) in full and without deduction; and
- (2) on or before the date given in column (3) of that table.
- 01/06/2009
FEES 3.2.2
See Notes
- 01/01/2006
Method of payment
FEES 3.2.3
See Notes
- (1) Unless (2) applies, the sum payable under FEES 3.2.1 R must be paid by bankers draft, cheque or other payable order.
- (2) FSA does not specify a method of payment for a person seeking to become a recognised body or a designated professional body or to be added to the list of designated investment exchanges.
- 01/01/2006
FEES 3.2.4
See Notes
- 01/01/2006
FEES 3.2.5
See Notes
- (1) The appropriate authorisation or registration fee is an integral part of an application for, or an application for a variation of, a Part IV permission or authorisation, registration or variation under the Payment Services Regulations. Any application received by the FSA without the accompanying appropriate fee, in full and without deduction (see FEES 3.2.1 R), will not be treated as an application made, incomplete or otherwise, in accordance with section 51(3)(a) or section 44, of the Act or regulation 5(3) or 12(3) of the Payment Services Regulations. Where this is the case, the FSA will contact the applicant to point out that the application cannot be progressed until the appropriate fee has been received. In the event that the appropriate authorisation fee, in full and without deduction, is not forthcoming, the application will be returned to the applicant and no application will have been made.
- (2) With the exception of persons seeking to become a designated professional body, all applications, notifications, requests for vetting or admission approval will be treated as incomplete until the relevant fee is fully paid and the FSA will not consider an application, notification, request for vetting or admission approval until the relevant fee is fully paid. Persons seeking to become a designated professional body have 30 days after the designation order is made to pay the relevant fee.
- 01/05/2009
FEES 3.2.6
See Notes
- 01/01/2006
FEES 3.2.7
See Notes
Table of application, notification and vetting fees
(1) Fee payer | (2) Fee payable | Due date | |||||
(a) | Any applicant for Part IV permission (including an incoming firm applying for top-up permission) | (1) | Unless (2) applies, in respect of a particular application, the highest of the tariffs set out in FEES 3 Annex 1 part 1 which apply to that application. | On or before the application is made | |||
(2) | In respect of a particular application which is: | ||||||
(i) | a straightforward or moderately complex case for the purposes of FEES 3 Annex 1 part 1, and | ||||||
(ii) | only involves a simple change of legal status as set out in FEES 3 Annex 1 part 6, | ||||||
the fee payable is 50% of the tariff that would otherwise be payable in FEES 3 Annex 1 part 1 | |||||||
(b) | Any Treaty firm that wishes to exercise a Treaty right to qualify for authorisation under Schedule 4 to the Act (Treaty rights) in respect of regulated activities for which it does not have an EEA right, except for a firm providing cross border services only | (1) | Where no certificate has been issued under paragraph 3(4) of Schedule 4 to the Act the fee payable is, in respect of a particular exercise, set out in FEES 3 Annex 1, part 4 | On or before the notice of exercise is given | |||
(2) | Where a certificate in (i) has been issued no fee is payable | ||||||
(c) | Any applicant for a certificate under article 54 of the Regulated Activities Order | 2,000 | On or before the application is made | ||||
(d) | Applicants for an authorisation order for, or recognition of, a collective investment scheme | FEES 3 Annex 2, part 1 | On or before the application is made | ||||
(e) | The operator of a scheme making a notification under section 264 or section 270 of the Act | FEES 3 Annex 2, part 2 | On or before the date the application is made | ||||
(f) | Any person seeking an order under section 326(1) of the Act to become a designated professional body. | 10,000 | 30 days after the order is granted | ||||
(g) | Any applicant for recognition as a UK recognised body under section 287 or section 288 of the Act | FEES 3 Annex 3, part 1 | On or before the date the application is made | ||||
(h) | Any applicant for recognition as an overseas recognised body under section 287 or section 288 and section 292 of the Act | FEES 3 Annex 3, part 2 | On or before the date the application is made | ||||
(i) | An applicant for listing (under the listing rules) | FEES 3 Annex 4, part 1 | On or before the date the application is made | ||||
(j) | Applicant for approval as sponsor (under the listing rules) | FEES 3 Annex 4, part 2 | On or before the date the application is made | ||||
(k) | Issuers of tranches from debt issuance programmes and securitised derivative tranches | FEES 3 Annex 4, part 1 | An upfront fee is required per tranche for draw downs in the following 12 months | ||||
(l) | Under the listing rules, an issuer involved in specific events or transactions during the year where documentation is subject to a transaction vetting | FEES 3 Annex 5, part 1, unless the transaction would come within the definition of significant transaction under category (v) or super transaction under category (q) in this table, in which case the fee payable under that category. | On or before the date that relevant documentation is first submitted to the FSA | ||||
(m) | Under the prospectus rules, an issuer or person requesting approval or vetting of the documents arising in relation to specific events or transactions that it might be involved in during the year | FEES 3 Annex 5, part 2, unless the transaction would come within the definition of significant transaction under category (v) or super transaction under category (q) in this table, in which case the fee payable under that category. | On or before the date that relevant documentation is first submitted to the FSA | ||||
(n) | Applicants to be added to the list of designated investment exchanges | 50,000 | On or before the date the application is made | ||||
(o) | Either: | (1) | Unless (2) applies, FEES 3 Annex 6. | Where the firm has made an application directly to the FSA, on or before the date the application is made, otherwise within 30 days after the FSA notifies the firm that its EEA parent's Home State regulator has requested the FSA's assistance. | |||
(i) | a firm applying to the FSA for permission to use one of the advanced prudential calculation approaches listed in FEES 3 Annex 6 R (or guidance on its availability), including any future proposed amendments to those approaches or (in the case of any application being made for such permission to the FSA as EEA consolidated supervisor under the) any firm making such an application; or | (2) | (a) | Unless (b) applies a firm submitting a second application for the permission or guidance described in column (1) within 12 months of the first application (where the fee was paid in accordance with (1)) must pay 50% of the fee applicable to it under FEES 3 Annex 6, but only in respect of that second application | |||
(ii) | in the case of an application to a Home State regulator other than the FSA for the use of the Internal Ratings Based approach and the Home State regulator requesting the FSA's assistance in accordance with the Capital Requirements Regulations 2006, any firm to which the FSA would have to apply any decision to permit the use of that approach. | (b) | No fee is payable by a firm in relation to a successful application for a permission based on a minded to grant decision in respect of the same matter following a complete application for guidance in accordance with prescribed submission requirements. | ||||
(c) | No fee is payable where the Home State regulator has requested the assistance of the FSA as described in paragraph (o)(ii) of column 1 except in the cases specified in FEES 3 Annex 6. | ||||||
(p) | A firm applying for a variation of its Part IV permission | (1) | Unless (2) applies, if the proposed new business of the firm would fall within one or more activity groups specified in Part 1 of FEES 4 Annex 1 not applicable before the application, the fee is 50% of the highest of the tariffs set out in FEES 3 Annex 1 which apply to that application | On or before the date the application is made | |||
(2) | If the only change is that the A.12 activity group tariff applied to the firm's business before the variation and the A.13 activity group will apply after variation, no fee is payable | ||||||
(3) | In all other cases, other than applications by credit unions, the fee payable is 250, unless the variation involves only the reduction (and no other increases) in the scope of a Part IV permission in which case no fee is payable. | ||||||
(q) | A supertransaction, being one where: | 50,000 | On or before the date that the relevant documentation is first submitted to the FSA. | ||||
(i) | the issuer has a market capitalisation in excess of 1.5 billion and it is a new applicant for a primary listing under the listing rules, or involved in a reverse or hostile takeover or a significant restructuring; or | ||||||
(ii) | the issuer has a market capitalisation in excess of 5 billion and is involved in a class 1 transaction, a transaction requiring vetting of an equity prospectus or equivalent document or a transaction requiring vetting of a prospectus in relation to a Depositary Receipt. | ||||||
(r) | Providers of reporting or trade matching systems applying for recognition under MiFID as an Approved Reporting Mechanism. | 100,000 | Having received its application, within 30 days after the FSA has notified the applicant that it is to commence testing of the applicants systems. | ||||
(s) | In the case of an insurance business transfer scheme, a transferor. Note - for the purpose of this paragraph an insurance business transfer scheme consists of a single transferor and a single transferee. Where however such a scheme is part of a single larger scheme, that larger scheme is treated as a single insurance business transfer scheme. If an insurance business transfer scheme includes more than one transferor in accordance with this paragraph, the transferors are liable to pay the fee under column (2) jointly. |
Either (1) or (2) as set out below: | On or before any application is made to the FSA for the appointment of a person as an independent expert. | ||||
(1) | In the case of an insurance business transfer scheme involving long term insurance business, 18,500; or | ||||||
(2) | in the case of an insurance business transfer scheme not involving long term insurance business, 10,000. | ||||||
(t) | A firm, a third party acting on a firm's behalf, an operator of a regulated market or an operator of an MTF applying to the FSA to report transaction reports directly to the FSA other than through the FSA's Transaction Reporting System (see FEES 4.2.11 R and FEES 4 Annex 3 for the fees payable for firms using the FSA's Transaction Reporting System). | 100,000 | Having received its application, within 30 days after the FSA has notified the applicant that it is to commence testing of the applicants systems. | ||||
(u) | Any of the following: | As set out in FEES 3 Annex 7. | Within 30 days of the date of the invoice. | ||||
(i) | an operator of an approved reporting mechanism; | ||||||
(ii) | a firm; | ||||||
(iii) | a third party acting on behalf of a firm; | ||||||
(iv) | a market operator; or | ||||||
(v) | an MTF operator; | ||||||
that satisfies the following conditions: | |||||||
(1) | it provides transaction reports directly to the FSA; and | ||||||
(2) | having made changes to its reporting systems, it asks the FSA to support the testing of the compatibility of its systems with the FSA's systems. | ||||||
(v) | A significant transaction, being one where: |
20,000 | On or before the date that the relevant documentation is first submitted to the FSA. | ||||
(i) | the issuer has a market capitalisation in excess of 500 million and is producing an equity prospectus, a prospectus in relation to a Depository Receipt or a document in relation to a class 1 transaction; or | ||||||
(ii) | the issuer is producing a document for vetting in relation to a reverse takeover, a hostile takeover or a significant restructuring. | ||||||
A significant transaction does not include a super transaction. | |||||||
(w) | A listed issuer that requests or whose representative requests the FSA to amend the Official List, or any records held by the FSA in relation to the Official List, otherwise than pursuant to an application for listing. | FEES 3 Annex 4 part 3 | On or before the date the request is made. | ||||
(x) | (i) | An issuer or person who: | 5,000 | On or before the date the relevant documentation is first submitted to the FSA. | |||
(1) | is a fee payer under one or more of the categories set out in (ii); and | ||||||
(2) | requests the FSA's approval or vetting of a document that includes a mineral expert's report. | ||||||
(ii) | The categories are (1), (m) (q), and (v) of this table. | ||||||
(iii) | A fee under this category is payable in addition to any fee payable under the categories set out in (ii). | ||||||
(y) | An applicant for authorisation as an authorised payment institution under regulation 5 of the Payment Services Regulations | The highest of the tariffs set out in FEES 3 Annex 8 which apply to that application. Where an application only involves a simple change of legal status as set out in FEES 3 Annex 1 Part 6, the fee payable is 50% of the tariff that would otherwise be payable in FEES 3 Annex 8R |
On or before the date the application is made. | ||||
(z) | An application by a small payment institution for authorisation as an authorised payment institution because regulation 15 of the Payment Services Regulations applies | The highest of the tariffs set out in FEES 3 Annex 8R which apply to that application. | On or before the date the application is made. | ||||
(za) | An applicant for registration as a small payment institution under regulation 12 of the Payment Services Regulations | FEES 3 Annex 8R, paragraph (1). Where an application only involves a simple change of legal status as set out in FEES 3 Annex 1 R Part 6, the fee payable is 50% of the tariff that would otherwise be payable in FEES 3 Annex 8R. | On or before the date the application is made. | ||||
(zb) | An authorised payment institution applying to vary its authorisation under regulation 8 of the Payment Services Regulations. | (1) | If the payment services carried on by the authorised payment institution prior to the variation only fall within paragraph (f) or (g) of Part 1 of Schedule 1 to the Payment Services Regulations and any of the payment services in paragraphs (a) to (e) of that Schedule will apply after variation, the fee is 50% of the highest of the tariffs set out in FEES 3 Annex 8R which apply to that application. | On or before the date the application is made. | |||
(2) | Where the authorised payment institution: | ||||||
(i) | already has authorisation to provide payment services within any one or more of paragraphs (a) to (e) of Part 1 of Schedule 1 to the Payment Services Regulations and wishes to add one or more other services in (a) to (g); or | ||||||
(ii) | has authorisation to provide payment services in either paragraph (f) or (g) of Part 1 of Schedule 1 to the Payment Services Regulations and wishes to extend its authorisation to include the other paragraph ((f) or (g)); | ||||||
the fee payable is 250 irrespective of the number of agents it has. | |||||||
(3) | In cases where the variation involves only the reduction (and no increases) of the types of payment services to be carried on after the variation, no fee is payable. | ||||||
(zc) | A small payment institution applying to vary its registration under regulation 12 of the Payment Services Regulations | (1) | If the payment services carried on by the small payment institution prior to the variation only fall within paragraph (f) or (g) of Part 1 of Schedule 1 to the Payment Services Regulations and any of the payment services in paragraphs (a) to (e) of that Schedule will apply after variation, the fee is 50% of the highest of the tariffs set out in FEES 3 Annex 8R which apply to that application. | On or before the date the application is made. | |||
(2) | Where the small payment institution: | ||||||
(i) | is already registered to provide payment services within any one or more of paragraphs (a) to (e) of Part 1 of Schedule 1 to the Payment Services Regulations and wishes to add one or more other of the services in (a) to (g); or | ||||||
(ii) | is registered to provide payment services in either paragraph (f) or (g) of Part 1 of Schedule 1 to the Payment Services Regulations and wishes to extend its registration to include the other paragraph ((f) or (g)); | ||||||
the fee payable is 250 irrespective of the number of agents it has. | |||||||
(3) | In cases where the variation involves only the reduction (and no increases) of the types of payment services to be carried on after the variation, no fee is payable. | ||||||
(zd) | A financial institution notifying the FSA in accordance with regulation 121(2)(a) of the Payment Services Regulations. | 50% of the highest of the tariffs set out in FEES 3Annex 8R, paragraphs (2) to (5) which apply to that application. | On or before the date the application is made. | ||||
(ze) | Any firm in any one or more of the A fee-blocks defined in FEES 4 Annex 1 Part 1, except fee-block A.16. | Special Project Fee for restructuring in accordance with FEES 3 Annex 9. | 30 days of the date of the invoice. | ||||
(zf) | An applicant for a ceding insurer's waiver. | 20,000 | On or before the date the application is made. |
- 01/06/2009
FEES 3 Annex 1
Authorisation fees payable
- 01/01/2006
See Notes
Application type (see Part 2) | Amount payable | |
(a) | Credit unions - registration of common bond | 200 |
(b) | Version 1 credit unions - authorisation | 300 |
(c) | Version 2 credit unions - authorisation | 1,800 |
(d) | Straightforward | 1,500 (unless otherwise specified in Part 2) |
(e) | Moderately complex | 5,000 (unless otherwise specified in Part 2) |
(f) | Complex | 25,000 |
Straightforward cases | |
Activity grouping | Description |
A.3 | Friendly societies only |
A.4 | Friendly societies only |
A.12 | Advisory arrangers, dealers or brokers (holding or controlling client money and/or assets) |
A.13 | Advisory only firms and advisory arrangers, dealers or brokers (not holding or controlling client money and/or assets) |
A.14 | Corporate finance advisers |
A.18 | Home finance providers, advisers and arrangers (excluding home finance providers). In the case of applicants for interim RSRB permission within this activity group the specified amount payable is 1,000. In the case of applicants for full RSRB permission within this activity group the specified amount payable is 500. |
A.19 | General insurance mediation |
Moderately complex cases | |
Activity grouping | Description |
A.1 | E-money issuers only |
A.2 | Home finance providers and administrators. In the case of applicants for interim RSRB permission within this activity group the specified amount payable is 3,000.In the case of applicants for full RSRB permission within this activity group the specified amount payable is 2,000. |
A.3 | UK ISPVs |
[deleted] | [deleted] |
A.5 | Managing agents at Lloyd's |
A.7 | Fund managers |
A.9 | Operators, trustees and depositaries of, operators of personal pension schemes and operators of stakeholder pension schemes |
A.10 | Firms dealing as principal |
B. | Service companies |
Complex cases | |
Activity grouping | Description |
A.1 | Deposit acceptors (excluding e-money issuers and credit unions) |
A.3 | Insurers - general (excluding friendly societies and UK ISPVs) |
A.4 | Insurers - life (excluding friendly societies) |
B | MTF operators |
If the Treaty firm wishes to undertake the permitted activities in question through its branch in the United Kingdom, the fee is 50% of the fee that would be payable under FEES 3.2.7 R for an applicant for Part IV permission. |
If the Treaty firm wishes to undertake the permitted activities in question by providing services in the United Kingdom, the fee is 25% of the fee which would be payable under FEES 3.2.7 R for an applicant for Part IV permission. |
The activity group definitions are set out in FEES 4 Annex 1R. |
An application involving only a simple change of legal status for the purposes of FEES 3.2.7 R, FEES 3.2.7R (y) and FEES 3.2.7R (za) is from an applicant: | ||
(1) | which is a new legal entity intending to carry on the business, using the same business plan, of an existing firm with no outstanding regulatory obligations cancelling its Part IV permission, authorisation or registration under the Payment Services Regulations and | |
(2) | which is to: | |
(a) | have the same or narrower permission, scope of authorisation or registration under the Payment Services Regulations and the same branches (if any), as the firm; | |
(b) | assume all of the rights and obligations in connection with the regulated activities and payment services carried on by the firm; | |
(c) | continue the same compliance arrangements and compliant client asset and client money procedures, as the firm, subject to any changes required only as a result of the change of legal status; | |
(d) | continue with a risk profile and arrangements for controlling and monitoring risk which will not be materially different from those of the firm; and | |
(e) | have the individuals within the firm that are responsible for insurance mediation activity perform the same role for the applicant. |
- 01/07/2009
FEES 3 Annex 2
Application and notification fees payable in relation to collective investment schemes
- 01/01/2006
See Notes
Legislative provision | Nature and purpose of fee | Payable by | Amount of fee | Umbrella factor (note 1) |
Part 1 [deleted] | ||||
[deleted] | [deleted] | [deleted] | [deleted] | [deleted] |
[deleted] | [deleted] | [deleted] | [deleted] | [deleted] |
[deleted] | [deleted] | [deleted] | [deleted] | [deleted] |
Part 2 Application fees payable for firms to be subject to COLL | ||||
Regulation 12 of the OEIC Regulations | On application for an order declaring a scheme to be an ICVC, where the scheme is: | An applicant | 2 | |
UCITS scheme | 1,200 | |||
Non-UCITS retail scheme | 1,500 | |||
Qualified investor scheme | 2,400 | |||
Section 242 of the Act | On application for an order declaring a scheme to be an AUT, where the scheme is: | An applicant | 2 | |
UCITS scheme | 1,200 | |||
Non-UCITS retail scheme | 1,500 | |||
Qualified investor scheme | 2,400 | |||
Section 272 of the Act | On application for an order declaring a scheme to be an individually recognised overseas scheme | An applicant | 14,000 | 2 |
Part 3 (notifications) | ||||
Section 264 of the Act | On giving notice under section 264 of the Act | The operator | 600 | 2 |
Section 270 of the Act | On giving notice under section 270 of the Act | The operator | 600 | 2 |
Part 4 (Alternative Investment Funds: fees payable for making a notification to the FCA to market an AIF) |
Notes: | |
1. | For an umbrella the fee is multiplied by the factor shown in the final column of the table. |
- 01/04/2009
FEES 3 Annex 3
Application fees payable in connection with Recognised Investment Exchanges and Recognised Clearing Houses
- 01/01/2006
See Notes
Description of applicant | Amount payable | Due date | |
Part 1 (UK recognised bodies) | |||
Applicant for recognition as a UK RIE | 100,000 | Date the application is made | |
Applicant for recognition as a UK RCH | 100,000 | Date the application is made | |
Additional fees for applicant who proposes to: | |||
- | act as a central counterparty | 25,000 | Date the application is made |
- | offer safeguarding and administration services | 25,000 | Date the application is made |
- | use substantially new and untested information technology systems in the performance of its relevant functions | 25,000 | Date the application is made |
Part 2 (overseas recognised bodies) | |||
Applicant for recognition as a recognised overseas investment exchange | 50,000 | Date the application is made | |
Applicant for recognition as a recognised overseas clearing house | 50,000 | Date the application is made | |
Additional fees for applicant who proposes to: | |||
- | act as a central counterparty | 25,000 | Date the application is made |
- | offer safeguarding and administration services | 25,000 | Date the application is made |
- 01/01/2006
FEES 3 Annex 4
Application and administration fees in relation to listing rules
- 01/04/2009
See Notes
Fee type | Fee amount |
Application Fees | |
Application for listing | 225 plus 100 per each additional issue of securities with its own International Securities Identification Number unless the fee in Categories 6 or 8 of FEES 3 Annex 5 Part 2 applies. |
Sponsor Application Fees | |
Fee type | Fee amount |
Application for approval as sponsor | 15,000 |
Fee type | Fee amount |
Administration fee where the FSA makes amendments to the Official List, or any records held by the FSA in relation to the Official List, as a result of a request made by a listed issuer or its representative. | 225 plus, if the request relates to more than one issue of securities, 100 per each additional issue of securities (with its own International Securities Identification Number). |
- 01/04/2009
FEES 3 Annex 5
Document vetting and approval fees in relation to listing and prospectus rules
- 01/01/2006
See Notes
Part 1
Fee type | Fee amount | |
Transaction vetting fees Transaction vetting fees relate to specific events or transactions that an issuer might be involved in during the year. |
||
Eligibility | New applicants | 1,430 |
Category 1 | Class 1 transactions Listing particulars for Depositary Receipts |
6,270 |
Category 2 | Listing particulars for issuers of specialist securities | 2,750 |
Category 3 | All other vetting only transactions | 2,750 |
Category 4 | Supplementary listing particulars | 550 |
Part 2
These fees relate to approval or vetting of the documents referred to in the second column of this table arising in relation to specific events or transactions that an issuer, offeror or person requesting admission might be involved in during the year.
Category 1 | Equity prospectus Equivalent document referred to in PR 1.2.2R(2) or (3) or PR 1.2.3R(3) or (4) Depositary Receipt prospectus |
6,270 |
Category 2 | Equity registration document | 4,400 |
Category 3 | Equity securities note and summary Summary document referred to in PR 1.2.3R(8) |
2,750 |
Category 4 | Non-equity prospectus or base prospectus (excluding drawdown prospectus or base prospectus) Equivalent document referred to in PR 1.2.2R(2) or (3) or PR 1.2.3R(3) or (4) |
2,750 |
Category 5 | Non-equity registration document | 1,925 |
Category 6 | Non-equity securities note and summary Summary document referred to in PR 1.2.3R(8) |
660 |
Category 7 | Supplementary prospectus and any details produced in a document in relation to LR 16.3.6 R. | 550 |
Category 8 | Drawdown prospectus or base prospectus | 660 |
Where a fee in category 6 or 8 of this fee schedule is payable, the listing application fee under FEES 3 Annex 4 Part 1 does not apply.
Fees from other fee schedules contained in other sections of the sourcebook may be applicable to a single submission.
Certain transactions may come within the category of super or significant transactions and thus attract a higher fee, as set out in FEES 3.2.7 R(q) and FEES 3.2.7 R(v).
- 01/04/2009
FEES 3 Annex 6
Fees payable for a permission or guidance on its availability in connection with the Basel Capital Accord
- 01/06/2008
See Notes
(1) | Paragraphs (2) and (3) deal with an application made to the FSA rather than a request for assistance under the Capital Requirements Regulations 2006. | |
(2) | For firms falling into a group (Group 1) in which there are five or more significant overseas entities to which the application relates and the application is for permission to use one of the advanced prudential calculation approaches listed in Tables 1 or 2 or guidance on the availability of such a permission the fees in Table 1 are applicable. | |
(3) | For all other firms the fees in Table 2 are applicable. | |
(4) | ||
(4) | Where a request for assistance regarding an Advanced or Foundation IRB application under the Capital Requirements Regulations 2006 has been made to the FSA as detailed in FEES 3.2.7 R (o), the fees in Table 1 and Table 2 are applicable if any firm referred to in FEES 3.2.7 R (o)(ii) meets the following conditions: | |
(i) | it is a UK domestic firm and has permission to accept deposits; and | |
(ii) | the firm does not fall within Group 4 as defined in Table 2. | |
(5) | If however the application or request is in relation to the use of the advanced IRB approach and the FSA (in the case of (2) or (3)) or the relevant Home State regulator (in the case of (4)) has already granted permission for the use of the foundation IRB approach at the time of the application then Table 3 applies. |
Table 1 |
Application group | Description of group | Application fee 2008/09 | ||
Advanced IRB ('000) | Foundation IRB ('000) | AMA ('000) | ||
Group 1 | Five or more significant overseas entities as described in more detail in the definition of Group 1 in the introduction to Part 1 of this Annex | 268 | 232 | 181 |
Table 2 |
Application group | Description of group | Application fee 2008/09 | |||
Modified eligible liabilities (m) | Number of traders as at 31 December 2007 | Advanced IRB ('000) | Foundation IRB ('000) | AMA ('000) | |
Group 2 | >40,000 | >200 | 232 | 198 | 146 |
Group 3 | >5,000 - 40,000 | 26 - 200 | 94 | 72 | 51 |
Group 4 | 0 - 5,000 | 0 - 25 | 42 | 30 | 24 |
(1) | [Deleted] |
(2) | For the purposes of Table 2, a firm's A.1 or A10 tariff data for the relevant period will be used to provide the value of modified eligible liabilities or number of traders. |
Table 3 (Advanced IRB approach where the FSA or Home State regulator has already given permission to use the foundation IRB approach) | |
Application group | Advanced IRB Application fee 2008/09 () |
Group 1 | 67,000 |
Group 2 | 58,000 |
Group 3 | 23,500 |
Group 4 | 10,500 |
The four application groups have the same meaning as they do in Tables 1 and 2. |
Fees payable in relation to the counterparty credit risk internal model method.
54,000
- 01/06/2008
FEES 3 Annex 7
Fees where changes are made to firms transaction reporting systems and the FSA is asked to check that these systems remain compatible with FSA systems
- 01/04/2009
See Notes
Hourly rate (£) | Method of calculating fee | |
68.09 | The fee is calculated as follows: | |
(1) | Determine the number of hours, or part of an hour, taken by the FSA (or any person acting on behalf of the FSA) to test the fee payers transaction reporting systems for compatibility with the relevant FSA systems. | |
(2) | Then multiply the figure in the first column by the number of hours or part hours obtained under (1). The resulting figure is the fee. | |
(3) | The number of hours or part hours referred to in (1) shall be the number of hours or part hours as recorded on the FSA's systems. |
- 01/04/2009
FEES 3 Annex 8
Fees payable for authorisation as an authorised payment institution or registration as a small payment institution in accordance with the Payment Services Regulations
- 01/05/2009
See Notes
Application type for authorisation or registration under Part 2 of the Payment Services Regulations | Amount payable | ||
(1) | small payment institution | 500 | |
(2) | authorised payment institution - where the applicant is applying for authorisation to provide payment services in paragraph(s) (f) (money remittance) and/or (g) (consent given by electronic device) of Part 1 of Schedule 1 to the Payment Services Regulations | 1,500 | |
authorised payment institution - where the applicant is applying for authorisation to provide payment services in any one or more of paragraph(s): | 5,000 | ||
(a) | (cash placed on payment account); | ||
(b) | (cash withdrawals enabled); | ||
(c) | (execution of direct debts, etc); | ||
(d) | (execution of direct debits, etc where credit line available); | ||
(e) | (issuing payments and transactions) | ||
of Part 1 of Schedule 1 to the Payment Services Regulations. | |||
(4) authorised payment institution - where the applicant has or intends to have between 2,500 and 5,000 agents | 12,500 | ||
(5) authorised payment institution - where the applicant has or intends to have more than 5,000 agents | 25,000 |
- 01/05/2009
FEES 3 Annex 9
Special Project Fee for restructuring
- 01/06/2009
See Notes
(1) | The Special Project Fee for restructuring (the SPFR) is payable by a firm if: | |
(a) | it falls within any of the A fee-blocks defined in Part 1 of FEES 4 Annex 1, except if it is in fee-block A.16 only; | |
(b) | it engages in, or prepares to engage in, the activity set out in (2); and | |
(c) | none of the circumstances in (3) apply. | |
(2) | The activity referred to in (1)(b) involves the firm undertaking or making arrangements with a view to either: | |
(a) | raising additional capital; or | |
(b) | a significant restructuring of the firm or the group to which it belongs, including: | |
(i) mergers or acquisitions; | ||
(ii) reorganising the firm's group structure; and | ||
(iii) reattribution. | ||
(3) | No SPFR is payable where: | |
(a) | the amount calculated in accordance with (6) totals less than 50,000; or | |
(b) | the FSA has given any guidance to the firm in relation to the same matter and charged for it; or | |
(c) | the transaction only involves the firm seeking to raise capital within the group to which it belongs. | |
(4) | Where the transaction involves raising capital outside the group to which the firm belongs, any SPFR in relation to that transaction is only payable by the largest firm in that group. The largest firm is the one that pays the highest periodic fee in the FSA financial year (the 12 months ending 31 March) in which the bill is raised. | |
(5) | The definition of group is limited for the purposes of calculating the SPFR to parent undertakings and their subsidiary undertakings. | |
(6) | The SPFR is calculated as follows: | |
(a) | Determine the number of hours, or part of an hour, taken by the FSA in relation to regulatory work conducted as a consequence of the activities referred to in (2). | |
(b) | Next, multiply the applicable rate in the table at (8) by the number of hours or part hours obtained under (a). | |
(c) | Then add any fees and disbursements invoiced to the FSA by any person in respect of services performed by that person for the FSA in relation to assisting the FSA in performing the regulatory work referred to in (a). | |
(d) | The resulting figure is the fee. | |
(e) | The number of hours or part hours referred to in (a) are the number of hours or part hours as recorded on the FSA's systems in relation to the regulatory work referred to in (a). | |
(7) | The first column in the table at (8) sets out the relevant pay grades of those employed by the FSA and the second column sets out the hourly rates chargeable in respect of those pay grades. | |
(8) | Table of hourly rates: | |
FSA pay grade | Hourly rate () | |
Administrator | 25 | |
Associate | 50 | |
Technical Specialist | 85 | |
Manager | 90 | |
Any other person employed by the FSA | 135 |
- 01/06/2009
FEES 4
Periodic fees
FEES 4.1
Introduction
- 01/01/2006
Application
FEES 4.1.1
See Notes
- 01/01/2006
Purpose
FEES 4.1.2
See Notes
- 01/01/2006
Background
FEES 4.1.3
See Notes
- 01/01/2006
FEES 4.1.4
See Notes
- (1) The periodic fees for collective investment schemes reflect the estimated costs to the FSA of considering proposals to change regulated collective investment schemes, maintaining up to date records about them, and related policy work.
- (2) The provision of the Transaction Reporting System facilities for firms reporting transactions under SUP 17 incurs costs to the FSA. These costs depend upon the amount the facility is used. Accordingly the income which the FSA receives from these transactions reporting fees will be set and accounted for separately from the fee-block tariffs, and are set out in FEES 4 Annex 3.
- 01/04/2007
FEES 4.1.5
See Notes
- 01/01/2006
FEES 4.1.6
See Notes
- 01/06/2009
FEES 4.1.7
See Notes
- 01/01/2006
FEES 4.2
Obligation to pay periodic fees
- 01/01/2006
General
FEES 4.2.1
See Notes
A person shown in column (1) of the table in FEES 4.2.11 R as the relevant fee payer must pay each periodic fee applicable to it, calculated in accordance with the provisions referred to in column (2) of that table, as adjusted by any relevant provision in this chapter:
- (1) in full and without deduction (unless permitted or required by a provision in FEES); and
- (2) on or before the date given in column (3) of that table, unless FEES 4.2.10 R applies.
- 01/01/2006
FEES 4.2.2
See Notes
- (1) A relevant fee payer will be required to pay a periodic fee for every year during which they have the status in column 1 of the table in FEES 4.2.11 R (or in relation to collective investment schemes, for every year during which it is a regulated collective investment scheme) subject to any reductions or exemptions applicable under this chapter. If a person is the relevant fee payer for more than one status listed in column 1 of the table in FEES 4.2.11 R (or in relation to collective investment schemes, the relevant fee payer for more than one regulated collective investment scheme) he will be required to pay a fee in relation to each.
- (2) A recognised body may also have obligations to pay fees to the FSA under other rules arising from legislation other than the Act. For example a recognised body may have an obligation to pay a fee as an approved operator of a relevant system under the Uncertificated Securities Regulations 1995 (SI 1995/3272).
- 01/01/2006
FEES 4.2.3
See Notes
- 01/01/2006
Method of payment
FEES 4.2.4
See Notes
- (1) Unless (2) applies, a periodic fee must be paid using either direct debit, credit transfer (BACS/CHAPS), cheque, switch or by credit card (Visa/Mastercard only). Any payment by permitted credit card must include an additional 2% of the sum paid.
- (2) The FSA does not specify a method of payment for a recognised body or a designated professional body.
- 01/06/2006
FEES 4.2.5
See Notes
- 01/01/2006
Modifications for persons becoming subject to periodic fees during the course of a financial year
FEES 4.2.6
See Notes
- (1) Unless (2) applies, if the event, as described in column 4 of the table in FEES 4.2.11 R, giving rise to, or giving rise to an increase in, the fee payable in FEES 4.2.1 R, occurs on or after 1 July of the relevant financial year, the periodic fee required under FEES 4.2.1 R is modified for:
- (a) firms (other than ICVCs and UCITS qualifiers) in accordance with FEES 4.2.7 R and FEES 4.2.8 R;
- (b) for all other fee payers in column (1) of the table in FEES 4.2.11 R, in accordance with the table below.
Period in which event (in column 4 of the table in FEES 4.2.11 R) occurs | Proportion of periodic fee payable |
1 April to 30 June inclusive | 100% |
1 July to 30 September inclusive | 75% |
1 October to 31 December inclusive | 50% |
1 January to 31 March inclusive | 25% |
- (2) For recognised bodies, if the recognition order is made during the course of the relevant financial year, the periodic fee required is set out in Column (4) of the table in FEES 4.2.11 R.
- 01/01/2006
FEES 4.2.7
See Notes
A firm (other than an ICVC or UCITS qualifier) which becomes authorised, or whose permission is extended, during the course of the financial year must pay a fee which is calculated by:
- (1) identifying each of the tariffs set out in Part 1 of FEES 4 Annex 2R for the relevant financial year that apply to the firm only after the permission is received or extended, but ignoring:
- (a) the A.13 activity group if, before the variation, the A.12 activity group applied to the firm's business; or
- (b) the A.12 activity group if, before the variation, the A.13 activity group applied to the firm's business;
- (2) calculating the amount for each of those tariffs which is the higher of:
- (a) the minimum fee specified for the tariff; and
- (b) the result of applying the tariff to the projected valuation, for its first year (as provided to the FSA in the course of the firm's application), of the business to which the tariff relates;
- (3) adding together the amounts calculated under (2); and
- (4) modifying the result as indicated by the table in FEES 4.2.6 R (except that FEES 4 Annex 10 (Periodic fees for MTF operators) deals with a firm that receives permission for operating a multilateral trading facility or has its permission extended to include this activity during the course of the relevant financial year and FEES 4.2.6 R does not apply).
- 01/04/2009
FEES 4.2.7A
See Notes
- 01/06/2006
FEES 4.2.7B
See Notes
- (1) This rule deals with the calculation of:
- (a) a firm's fees for the financial year following the financial year in which the obtained or had its extended (the second financial year); and
- (b) the tariff base for the fee block or fee blocks that relate to that permission or extension, as the case may be.
- (2) Unless this rule says otherwise, the tariff base for a firm's second financial year is calculated using projected valuations for its first year (as provided to the FSA in the course of the firm's application), of the business to which the tariff relates.
- (3) This rule does not apply to a firm with a permission for operating a multilateral trading facility.
- (4) A reference to the FSA financial year means the 12 months ending with 31 March.
- (5) The rest of this rule only applies to a firm that becomes authorised, or extends its permission, on or after 1 April 2009.
- (a) If a firm's tariff base is calculated using data from a period that begins on or after the date that the firm receives its permission or extension of permission, as the case may be, the firm must use that data.
- (b) Unless (a) applies, if a firm:
- (i) receives its permission or extension of permission, as the case may be, between 1 April and 31 December inclusive; and
- (ii) is, but for this rule, required to calculate its tariff base by reference to the average of its modified eligible liabilities for October, November and December;
- it must calculate that tariff base as at the December before the start of the FSA financial year.
- (c) If a firm satisfies the following conditions it must calculate its tariff base under (d):
- (i) the firm receives its permission or extension of permission, as the case may be, between 1 April and 31 December inclusive; and
- (ii) the firm's tariff base, but for this rule, is calculated by reference to the firm's financial year ended in the calendar year ending 31 December prior to the FSA financial year or the twelve months ending 31 December prior to the FSA financial year.
- (d) If a firm satisfies the conditions in (c) it must calculate its tariff base as follows:
- (i) it must use actual data in relation to the business to which the tariff relates rather than projected valuations;
- (ii) the tariff is calculated by reference to the period beginning on the date it acquired permission, or had its permission extended, and ending on the 31 December before the start of the FSA financial year; and
- (iii) the figures are annualised by increasing them by the same proportion as the period of 12 months bears to the period starting from when the firm received its permission or extension to the 31 December, as the case may be.
- (e) Where a firm is required to use the method in (d) it must notify the FSA of this by the date specified in FEES 4.4 (Information on which Fees are calculated).
- (f) Where a firm is required to use actual data under this rule FEES 4 Annex 1 Part 3 is modified in relation to the calculation of that firm's valuation date in its second financial year.
- 01/06/2009
Application of FEES 4.2.7BR
FEES 4.2.7C
See Notes
References in this table to dates or months are references to the latest one occurring before the start of the FSA's financial year unless otherwise stated.
Type of permission acquired on 1 November | Tariff base | Valuation date but for FEES 4.2.7BR | Data period under FEES 4.2.7BR |
Accepting deposits (monthly reporting firms) | Modified eligible liabilities (MELs) | Average of the MELs for October, November, December - so projected valuations will be used | MELs for December 2009. |
Accepting deposits (quarterly reporting firms) | MELs | December 2009 | December 2009. |
Entering into a home finance transaction | Number of mortgages, home purchase plans or home reversion plans entered into | 12 months ending 31 December 2009 - so projected valuations will be used | 1 November to 31 December 2009. |
Effecting contracts of insurance (Insurers - general) |
Gross premium income and gross technical liabilities | 31 March 2009 - so projected valuations will be used | 1 November to 31 December 2009. |
- 01/04/2009
FEES 4.2.8
See Notes
- 01/11/2007
Fee payers ceasing to hold relevant status or reducing the scope of their permission after start of relevant period
FEES 4.2.9
See Notes
The FSA will not refund periodic fees if, after the start of the period to which they relate:
- (1) a fee payer ceases to have the status set out in column (1) of the table in FEES 4.2.11 R; or
- (2) a firm reduces its permission so that it then falls out of the fee-block previously applied to it,
(but see FEES 2.3 (Relieving Provisions) and FEES 4.3.13 R (Firms Applying to Cancel or Vary Permission Before Start of Period)).
- 01/01/2006
Extension of Time
FEES 4.2.10
See Notes
A person need not pay a periodic fee on the date on which it is due under the relevant provision in FEES 4.2.1 R, if:
- (1) that date falls during a period during which circumstances of the sort set out in GEN 1.3.2 R (Emergencies) exist, and that person has reasonable grounds to believe that those circumstances impair its ability to pay the fee, in which case he must pay it on or before the fifth business day after the end of that period; or
- (2) unless FEES 4.3.6R (3) or FEES 4.3.6R (4) (Time and method for payment) applies, that date would otherwise fall on or before the 30th day after the date on which the FSA has sent written notification to that person of the fee payable on that date, in which case he must pay on or before the 30th day after the date on which the FSA sends the notification.
- 01/01/2006
FEES 4.2.11
See Notes
Table of periodic fees
1 Fee payer | 2 Fee payable | 3 Due date | 4 Events occurring during the period leading to modified periodic fee | ||
Any firm (except an ICVC or a UCITS qualifier) | As specified in FEES 4.3.1 R | (1) | Unless (2) or (3) apply, on or before the relevant dates specified in FEES 4.3.6 R | Firm receives permission or Firm extends permission | |
(2) | Unless (3) applies, if an event specified in column 4 occurs during the course of a financial year, 30 days after the occurrence of that event, or if later the dates specified in FEES 4.3.6 R. | ||||
(3) | Where the permission is for operating a multilateral trading facility, the date specified in FEES 4 Annex 10 (Periodic fees for MTF operators). | ||||
Any firm which reports transactions to the FSA using the FSA's Direct Reporting System or FSA's Transaction Reporting System (see SUP 17) | FEES 4 Annex 3 | (1) | For transaction charges, the first working day of each month | Not applicable | |
(2) | For licence fees and enrolment charges, by the date set out on the relevant invoice | ||||
Persons who hold a certificate issued by the FSA under article 54 of the Regulated Activities Order (Advice given in newspapers etc.) | £1,000 | (1) | Unless (2) applies, on or before 30 April | Certificate issued to person by FSA under Article 54 RAO | |
(2) | If an event in column 4 occurs during the course of a financial year, 30 days after the occurrence of that event | ||||
Any manager of an authorised unit trust; | In relation to each unit trust the amount specified in FEES 4 Annex 4 | Authorisation order is made in relation to the relevant scheme | |||
Any ACD of an ICVC; and | In relation to each ICVC the amount specified in FEES 4 Annex 4 | ||||
Persons who, under the constitution or founding arrangements of a recognised scheme, is responsible for the management of the property held for or within the scheme; | In relation to each recognised scheme the amount specified in FEES 4 Annex 4 | The relevant scheme becomes a recognised collective investment scheme | |||
Designated professional body | FEES 4 Annex 5 | 1 July or if payment is by instalments, by the due dates set out in FEES 4 Annex 5 | Not applicable | ||
UK recognised body | FEES 4 Annex 6, part 1 | (1) | Unless (2) applies, by the due dates set out in FEES 4 Annex 6, part 1 | Recognition order is made. Modified periodic fee: | |
(2) | If the event in column 4 occurs during the course of a financial year, 30 days after the occurrence of that event | (1) | for a UK recognised investment exchange, 150,000; | ||
(2) | for a UK recognised clearing house, 250,000. | ||||
Overseas recognised body | FEES 4 Annex 6, part 2 | (1) | , unless (2) applies, 1 July. | Recognition order is made. Modified periodic fee: | |
(2) | If the event in column 4 occurs during the course of a financial year, 30 days after the occurrence of that event. | (1) | for an overseas investment exchange, 10,000; | ||
(2) | for a overseas clearing house, 35,000. | ||||
Listed issuers (in LR) of shares, depositary receipts and securitised derivatives (in LR), unless the conditions set out below apply. The first condition is that the listed issuer, or a related entity, has already paid a periodic fee in respect of the period concerned. The second condition is that the listed issuer is subject to listing rules as a result of a reverse takeover, or that the listed issuer is a newly formed entity, created as a result of a restructuring. |
FEES 4 Annex 7 | Within 30 days of the date of the invoice | Listed issuer (in LR) becomes subject to listing rules | ||
Sponsors | 10,000 per year for the period from 1 April to 31 March the following year (see Note) | Within 30 days of the date of the invoice | Approval of sponsor | ||
All non-listed issuers (in DTR) of shares, depositary receipts and securitised derivatives. | FEES 4 Annex 8 | Within 30 days of the date of the invoice | Non-listed issuer (in DTR) becomes subject to disclosure rules and transparency rules | ||
All firms reporting transactions in securitised derivatives to the FSA in accordance with SUP 17, and market operators who provide facilities for trading in securitised derivatives. | FEES 4 Annex 9 R | Within 30 days of the date of the invoice | Not applicable |
- 01/06/2009
FEES 4.3
Periodic fee payable by firms (other than ICVCs and UCITS qualifiers)
- 01/01/2006
FEES 4.3.1
See Notes
The periodic fee payable by a firm (except an ICVC or a UCITS qualifier) is:
- (1) each periodic fee applicable to it calculated in accordance with FEES 4.3.3 R, using information obtained in accordance with FEES 4.4; less
- (2) any deductions from the periodic fee specified in Part 2 of FEES 4 Annex 2.
- 01/01/2006
FEES 4.3.2
See Notes
- (1) The amount payable by each firm will depend upon the category (or categories) of regulated activities it is engaged in (fee-blocks), and on the amount of business it conducts in each category (tariff base). The fee-blocks and tariffs are identified in in respect of the FCA and in respect of the PRA FEES 4 Annex 1, while FEES 4 Annex 2 sets out the tariff rates for the relevant financial year.
- (2) Incoming EEA firms, and incoming Treaty firms receive a discount to reflect the reduced scope of the FSA's responsibilities in respect of them. The level of the discount varies from fee-block to fee-block, according to the division of responsibilities between the FSA and Home state regulators for firms in each fee-block (see FEES 4.3.11 G and FEES 4.3.12 R
- 01/06/2009
Calculation of periodic fee
FEES 4.3.3
See Notes
The periodic fee referred to in FEES 4.3.1 R is (except in relation to the Society) calculated as follows:
- (1) identify each of the tariffs set out in Part 1 of FEES 4 Annex 2 which apply to the business of the firm for the period specified in that annex;
- (2) for each of those tariffs, calculate the sum payable in relation to the business of the firm for that period, applying any minimum fee discount as may be applicable (see FEES 4.3.16 R);
- (3) add together the amounts calculated under (2); and
- (4) apply any applicable payment charge or discount specified in FEES 4.2.4 R, provided that:
- 01/01/2006
Modification for firms with new or extended permissions
FEES 4.3.4
See Notes
- (1) A firm which becomes authorised during the course of a financial year will be required to pay a proportion of the periodic fee which reflects the proportion of the year for which it will have a permission - see FEES 4.2.5 G and FEES 4.2.6 R.
- (2) Similarly a firm which extends its permission so that its business then falls within additional fee blocks will be required to pay a further periodic fee under this section for those additional fee blocks, but discounted to reflect the proportion of the year for which the firm has the extended permission - see FEES 4.2.6 R and FEES 4.2.7 R.
- (3) These provisions apply (with some changes) to incoming EEA firms and incoming Treaty firms.
- (4) These provisions do not apply to a firm's periodic fees in relation to its permission for operating a multilateral trading facility obtained from the FSA during the course of a financial year.
- 01/04/2009
Amount payable by the Society of Lloyd's
FEES 4.3.5
See Notes
- 01/01/2006
Time of payment
FEES 4.3.6
See Notes
- (1) If the firm's, periodic fee for the previous financial year was at least £50,000, the firm must pay:
- (a) an amount equal to 50% of the periodic fee payable for the previous year, by 30 April in the financial year to which the sum due under FEES 4.2.1 R relates; and
- (b) the balance of the periodic fee due for the current financial year by 1 September in the financial year to which that sum relates.
- (2) If the firm's, periodic fee for the previous financial year was less than £50,000, the firm must pay the periodic fee due in full by 1 August or, if later, within 30 days of the date of the invoice in the financial year to which that sum relates.
- (3) If a firm has applied to cancel its Part IV permission in the way set out in SUP 6.4.5 D (Cancellation of permission), then (1) and (2) do not apply but it must pay the total amount due when the application is made.
- (4) If the FSA has exercised its own-initiative powers to cancel a firm's Part IV permission in the way set out in EG 8 (Variation and cancellation of permission on the FSA's own initiative and intervention against incoming firms), then (1) and (2) do not apply but the firm must pay the total amount due immediately before the cancellation becomes effective.
- (5) Paragraphs (1) and (2) do not apply to any Solvency 2 fee or Solvency 2 Implementation fee (as defined in Part 1 of FEES 4 Annex 2) and such fees are not taken into account for the purposes of the split in (1). Instead any Solvency 2 fee or Solvency 2 Implementation fee is payable on the date specified in (1)(a) or (2) (depending on which applies to the rest of its periodic fee) or any earlier date required by (3) or (4).
- (6) Paragraphs (1) and (2) do not apply to any periodic fee in relation to a firm's permission for operating a multilateral trading facility and such a fee is not taken into account for the purposes of the split in (1). Instead any fee for this permission is payable on the date specified in FEES 4 Annex 10 (Periodic fees for MTF operators).
- 01/06/2009
Groups of firms
FEES 4.3.7
See Notes
A firm which is a member of a group may pay all of the amounts due from other firms in the same group under FEES 4.2.1 R, if:
- (1) it notifies the FSA in writing of the name of each other firm within the group for which it will pay; and
- (2) it pays the fees, in accordance with this chapter, as a single amount as if that were the amount required from the firm under FEES 4.2.1 R.
- 01/01/2006
FEES 4.3.8
See Notes
- 01/01/2006
FEES 4.3.9
See Notes
If the payment made does not satisfy in full the periodic fees payable by all of the members of the group notified to the FSA under FEES 4.3.7 R, the FSA will apply the sum received among the firms which have been identified in the notification given under FEES 4.3.7R (1) in proportion to the amounts due from them. Each firm will remain responsible for the payment of the outstanding balance attributable to it.
- 01/01/2006
FEES 4.3.10
See Notes
- 01/01/2006
Incoming EEA firms and incoming Treaty firms
FEES 4.3.11
See Notes
- 01/01/2006
FEES 4.3.12
See Notes
For an incoming EEA firm, (excluding MTF operators), or an incoming Treaty firm, the calculation required by FEES 4.3.3 R is modified as follows:
- (1) the tariffs set out in Part 1 of FEES 4 Annex 2 are applied only to the regulated activities of the firm which are carried on in the United Kingdom; and
- (2) those tariffs are modified in accordance with Part 3 of and, if applicable, Part 3 of FEES 4 Annex 2.
- 01/04/2009
Firms Applying to Cancel or Vary Permission Before Start of Period
FEES 4.3.13
See Notes
- (1) If:
- (a) a firm makes an application to vary its permission (by reducing its scope), or cancel it, in the way set out in SUP 6.3.15 D (3) (Variation of permission) and SUP 6.4.5 D (Cancellation of permission); an issuer makes an application for de-listing; or a sponsor notifies FSA of its intention to be removed from the list of approved sponsors; and
- (b) the firm, issuer or sponsor makes the application or notification referred to in (a) before the start of the period to which the fee relates;
- FEES 4.2.1 R applies to the firm as if the relevant variation or cancellation of the firm's permission, de-listing or removal from the list of approved sponsors, took effect immediately before the start of the period to which the fee relates.
- (2) But (1) does not apply if, due to the continuing nature of the business, the variation, cancellation, de-listing or removal is not to take effect within three months of the start of the period to which the fee relates.
- 01/04/2006
FEES 4.3.14
See Notes
- 01/06/2009
Firms acquiring businesses from other firms
FEES 4.3.15
See Notes
- (1) This rule applies if:
- (a) a firm (A) acquires all or a part of the business of another firm (B), whether by merger, acquisition of goodwill or otherwise, in relation to which a periodic fee would have been payable by B, unless no periodic fee was payable by A in the financial year that the business was acquired from B; or
- (b) A became authorised as a result of B's simple change of legal status (as defined in FEES 3 Annex 1 Part 6).
- (2) If, before the date on which A acquires the business, B had paid any periodic fee payable for the period in which the acquisition occurred, FEES 4.2.6 R to FEES 4.2.7 R do not apply to A in relation to the business acquired from B.
- (3) If the acquisition occurs after the valuation date applicable to the business (as set out in FEES 4 Annex 1 which A acquired from B, for the period following that in which the acquisition occurred, FEES 4.2.1 R applies to A, in relation to that following period, as if the acquisition had occurred immediately before the relevant valuation date.
- 01/06/2009
Minimum fee discount
FEES 4.3.16
See Notes
- (1) A firm (other than a firm in (2) or a credit union) in more than one fee block must pay at least 50% of the total minimum fee payable in any fee block in which it is a minimum fee payer. [deleted]
- (2) A firm (other than a credit union) liable to pay only minimum fees in each fee block it is in must pay 100% of the highest total minimum fee payable within any one fee block and must pay at least 50% of the total minimum fee payable in any other fee blocks in which it is a minimum fee payer. [deleted]
- (3) A credit union in more than one fee block must pay at least 50% of the total minimum fee payable in any fee block, other than fee block A.1, in which they are a minimum fee payer. [deleted]
- 01/01/2006
FEES 4.4
Information on which Fees are calculated
- 01/01/2006
FEES 4.4.1
See Notes
- 01/01/2006
FEES 4.4.2
See Notes
- 01/04/2009
FEES 4.4.3
See Notes
- 01/01/2006
FEES 4.4.4
See Notes
- 01/01/2006
FEES 4.4.5
See Notes
- 01/11/2007
FEES 4 Annex 1
Activity groups, tariff bases and valuation dates applicable
- 01/01/2006
See Notes
Part 1 This table shows how the regulated activities for which a firm has permission are linked to activity groups (fee-blocks). A firm can use the table to identify which fee-blocks it falls into based on its permission. |
Activity group | Fee payer falls in the activity group if |
A.1 Deposit acceptors | its permission includes accepting deposits or issuing e-money; BUT DOES NOT include either of the following: effecting contracts of insurance; carrying out contracts of insurance. |
A.2 Home finance providers and administrators | its permission includes a regulated activity within one or more of the following: entering into a home finance transaction; or administering a home finance transaction; or agreeing to carry on a regulated activity which is within either of the above. |
A.3 Insurers - general | its permission includes one or more of the following: effecting contracts of insurance; carrying out contracts of insurance; in respect of specified investments that are: - general insurance contracts; or - long-term insurance contracts other than life policies. |
A.4 Insurers - life | its permission includes one or more of the following: effecting contracts of insurance; carrying out contracts of insurance; in respect of specified investments including life policies; entering as provider into a funeral plan contract. |
A.5 Managing agents at Lloyd's | its permission includes managing the underwriting capacity of a Lloyd's syndicate as a managing agent at Lloyd's. |
A.6 The Society of Lloyd's | it is the Society of Lloyd's. |
Note for authorised professional firms: Generally, for fee-blocks A.7 to A.19 below, only those regulated activities that are not limited to non-mainstream regulated activities should be taken into account in determining which fee-block(s) fee-payers belong to for the purpose of charging periodic fees. However, in the case that all the regulated activity within a firm permission are limited to non-mainstream regulated activities, then that firm's will be allocated to fee-block A.13 alone. This does not prevent a fee being payable by an authorised professional firm under FEES 3.2.7 R (p) where it applies to vary its Part IV permission such that it would normally be allocated to fee-block(s) other than A.13 if the variation was granted. |
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A.7 Fund managers | (1) its permission includes managing investments; OR (2) its permission includes ONLY either one or both of: safeguarding and administering of investments (without arranging); and arranging safeguarding and administration of assets; OR (3) the firm is a venture capital firm. Class (1) firms are subdivided into three classes: - class (1)A, where the funds managed by the firm belong to one or more occupational pension schemes; - class (1)B, where: (a) the firm is not a class (1)A firm; and (b) the firm's permission includes NEITHER of the following: safeguarding and administering investments (without arranging); arranging safeguarding and administration of assets; and (c) the firm EITHER: has a requirement that prohibits the firm from holding or controlling client money, or both; OR if it does not have such a requirement, only holds or controls client money (or both), arising from an agreement under which commission is rebated to a client; and - class (1)C, where the firm is not within class (1)A or class (1)B. |
A.8 | Not applicable. |
A.9 Operators, Trustees and Depositaries of collective investment schemes and Operators of personal pension schemes or stakeholder pension schemes | (1) its permission: (a) includes one or more of the following: establishing, operating or winding up a regulated collective investment scheme; establishing, operating or winding up an unregulated collective investment scheme; acting as trustee of an authorised unit trust scheme; acting as the depositary or sole director of an open-ended investment company; establishing, operating or winding up a personal pension scheme or a stakeholder pension scheme (but only if the firm does not fall within activity group A1 or A4); AND (b) PROVIDED the firm is NOT one of the following: a corporate finance advisory firm; a firm in which the above activities are limited to carrying out corporate finance business; a venture capital firm; OR (2) if the fee-payer has none of the regulated activities above within its permission, but ALL the remaining regulated activities in its permission are limited to carrying out trustee activities. |
A.10 Firms dealing as principal | its permission includes dealing in investments as principal; BUT NOT if one or more of the following apply: the firm is acting exclusively as a matched principal broker; the above activity is limited either to acting as an operator of a collective investment scheme, establishing, operating or winding up a personal pension scheme or a stakeholder pension scheme, or to carrying out trustee activities; the firm is a corporate finance advisory firm; the above activity is otherwise limited to carrying out corporate finance business; the firm is subject to a limitation to the effect that the firm, in carrying on this regulated activity, is limited to entering into transactions in a manner which, if the firm was an unauthorised person, would come within article 16 of the Regulated Activities Order (Dealing in contractually based investments); the above activity is limited to not acting as a market maker; the firm is an oil market participant, energy market participant or a local; its permission includes either: - effecting contracts of insurance; or - carrying out contracts of insurance. |
A.11 | Not applicable. |
A.12 Advisory arrangers, dealers or brokers (holding or controlling client money or assets, or both) | its permission: (a) includes one or more of the following, in relation to one or more designated investments: dealing in investments as agent; arranging (bringing about) deals in investments; making arrangements with a view to transactions in investments; dealing as principal in investments where the activity is carried on as a matched principal broker, oil market participant, energy market participant or local; advising on investments (except pension transfers and pension opt-outs); advising on pension transfers and pension opt-outs; advising on syndicate participation at Lloyd's; (b) BUT NONE of the following: effecting contracts of insurance; or carrying out contracts of insurance; AND (c) CAN HAVE one or more of the following: safeguarding and administering of assets; arranging safeguarding and administration of assets; the ability to hold or control client money, or both: - that is, there is no requirement which prohibits the firm from doing this; and - provided that the client money in question does not only arise from an agreement under which commission is rebated to a client; AND (d) PROVIDED the fee-payer is NOT any of the following: a corporate finance advisory firm; a firm for whom all of the applicable activities above are otherwise limited to carrying out corporate finance business; a firm whose activities are limited to carrying out venture capital business; a firm whose activities are limited to acting as an operator of a regulated collective investment scheme; a firm whose activities are limited to carrying out trustee activities; a service company. |
A.13 Advisory arrangers, dealers or brokers (not holding or controlling client money or assets, or both) | (1) it is an authorised professional firm and ALL the regulated activities in its permission are limited to non-mainstream regulated activities; OR (2) its permission: (a) includes one or more of the following, in relation to one or more designated investments: dealing in investments as agent; arranging (bringing about) deals in investments; making arrangements with a view to transactions in investments; dealing as principal in investments where the activity is carried on as a matched principal broker, oil market participant, energy market participant or local; advising on investments (except pension transfers and pension opt-outs); giving basic advice on a stakeholder product; advising on pension transfers and pension opt-outs; advising on syndicate participation at Lloyd's; (b) BUT NONE of the following: effecting contracts of insurance; carrying out contracts of insurance; safeguarding and administration of assets; arranging safeguarding and administration of assets; AND (c) MUST EITHER, in connection with its designated investment business: have a requirement that prohibits the firm from holding or controlling client money, or both; OR if it does not have such a requirement, only holds or controls client money (or both), arising from an agreement under which commission is rebated to a client; AND (d) PROVIDED the fee-payer is NOT any of the following: a corporate finance advisory firm; a firm for whom all of the applicable activities above are otherwise limited to carrying out corporate finance business; a firm whose activities are limited to carrying out venture capital business; a firm whose activities are limited to acting as an operator of a regulated collective investment scheme; a firm whose activities are limited to carrying out trustee activities; a service company. |
A.14 Corporate finance advisers | the firm is carrying on corporate finance business PROVIDED the fee-payer is NOT a venture capital firm. |
A.15 | Not applicable. |
A.16 Pensions review levy firms | it was liable to pay the Pensions Levy to PIA in 2001/2002. |
A.17 | Not applicable. |
A.18 Home finance providers, advisers and arrangers | its permission includes a regulated activity within one or more of the following: entering into a home finance transaction; or arranging (bringing about) a home finance transaction; or making arrangements with a view to a home finance transaction; or advising on a home finance transaction; or agreeing to carry on a regulated activity which is within any of the above. |
A.19 General insurance mediation | its permission includes one or more of the following in relation to a non-investment insurance contract: dealing in investments as agent; or arranging (bringing about) deals in investments; or making arrangements with a view to transactions in investments; or assisting in the administration and performance of a contract of insurance; or advising on investments; or agreeing to carry on a regulated activity which is within any of the above. |
B. Market operators | Firms that have been prescribed as an operator of a prescribed market under the Financial Services and Markets Act 2000 (Prescribed Markets and Qualifying Investments) Order 2001 (SI 2001/996). |
B. Service companies | it is a service company. |
B. MTF operators | its permission includes operating a multilateral trading facility. |
Part 2 This table indicates the tariff base for each fee-block. The tariff base is the means by which we measure the 'amount of business' conducted by a firm. Note that where the tariff base is the number of approved persons it may be that a particular firm has permission for relevant activities as described in Part 1 but the type of activity that the firm undertakes is not one requiring a person to be approved to undertake a relevant customer function (for example firms only giving basic advice on stakeholder products). In these circumstances, the firm will be required to pay a minimum fee only (see FEES 4 Annex 2 Part 1). |
Activity group | Tariff-base |
A.1 | MODIFIED ELIGIBLE LIABILITIES For banks : Part 1: Liabilities In sterling: 2 + 3 + 4 + 5A + 5B + 6B + 6C + 6D + 6E + 6F + 6G + 6H + 6J + 8 + 10 + 60% of 11A + 44 plus In foreign currency, one-third of: E2 + E3 + E4 + E5A + E5B + E6B + E6C + E6D + E6E + E6F + E6G + E6H + E6J + E8 + E10 + 60% of E11A + E44 + C2 + C3 + C4 + C5A + C5B + C6B + C6C + C6D + C6E + C6F + C6G + C6H + C6J + C8 + C10 + 60% of C11A: less Assets In sterling: 21B + 60% of 22A + 23D + 23E + 23F + 30A + 30B + 32AA1 + 32AA2 plus In foreign currency, one-third of: E21B + 60% of E22A + E23D + E23E + E23F + E30A + E30B + E32AA1 + E32AA2 + C21B + 60% of C22A + C23D + C23E + C23F + C30A + C30B + C32AA1 + C32AA2 |
Part 2: Non-resident office offset The fee base is adjusted by deducting from the amount calculated in accordance with part 1 above, the Non-Resident Office Offset amount obtained by subtracting item 45D plus one-third of both E45D and C45Dfrom the sum of item 45BA, plus one-third of both E45BA and C45BA in the Form BT. The Non-Resident Office Offset amount, if it would otherwise have been a negative number, is zero. Notes: (1) All references in the above formula are to entries on Form BT (that is, the Balance Sheet Form completed to provide information required following the Banking Statistics Review 1997 and returned by banks to the Bank of England as required by the Bank of England Act 1998). (2) E refers to assets and liabilities denominated in euro (as referred to in column 2 of Form BT) and C refers to assets and liabilities denominated in currencies other than sterling and euro (as referred to in column 3 of Form BT). In accordance with Form BT, assets and liabilities in currencies other than sterling are to be recorded in sterling. (3) The figures reported on the Form BT relate to business conducted out of offices in the United Kingdom. |
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For e-money issuers: Outstanding balance of e-money liabilities For credit unions: Deposits with the credit union (share capital) |
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LESS the credit union's bank deposits (investments + cash at bank) Note: Only United Kingdom business is relevant for calculating credit unions' MELs. |
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For building societies: deposit liabilities (including debt securities up to five years original maturity) (that is, the amounts in sterling (in column 1) and one-third of foreign currency referenced amounts (in columns 2 and 3) for items B1.1+B1.2+B2.0a+B2.0b+B2.10+B2.13+B2.14+B2.15+B2.16) LESS amounts in respect of: sterling repo liabilities with the Bank of England (that is, ONLY the amounts in sterling (in column 5) for item B2.5a) balances held with the Bank of England (excluding cash ratio deposits) (that is, the amounts in sterling (in column 1) and one-third of foreign currency referenced amounts (in columns 2 and 3) for item B6.2a, less the amounts in sterling (in column 1) and one-third of foreign currency referenced amounts (in columns 2 and 3) for item OW1.1) market loans to banks, building societies (balances with and loans to, plus CDs, Commercial paper) (that is, the amounts in sterling (in column 1) and one-third of foreign currency referenced amounts (in columns 2 and 3) for items B6.3.a+B6.4.a+B6.4b+B6.5a+B6.5b+B6.12a) investments with banks and building societies (bonds, notes and other debt instruments up to five years original maturity) (that is, the amounts in sterling (in column 1) and one-third of foreign currency referenced amounts (in columns 2 and 3) for items B6.6a1+B6.6a2+B6.10a1+B6.10a2) |
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Note: All references in the definition for building society MELs are to entries in the MFS1 which is submitted monthly by all building societies to the FSA. |
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A.2 | NUMBER OF MORTGAGES OR OTHER HOME FINANCE TRANSACTIONS ENTERED INTO AND ADMINISTERED The number of new mortgage contracts, home purchase plans, home reversion plans and regulated sale and rent back agreements entered into; AND The number of mortgage contracts, home purchase plans, home reversion plans and regulated sale and rent back agreements being administered, multiplied by 0.05 for mortgage outsourcing firms or other home finance outsourcing firms and by 0.5 for all other firms. Notes: (1) Mortgage outsourcing firms are firms with permission for administering regulated mortgage contracts, but not to enter the contract as lender. Home finance outsourcing firms are firms with permission for administering a home finance transaction, but not entering into a home finance transaction. (2) In this context a 'mortgage' means a loan secured by a first charge over residential property in the United Kingdom. For the measure of the number of contracts being administered, each first charge counts as one contract, irrespective of the number of loans involved. (3) Mortgages, home purchase plans, home reversion plans and regulated sale and rent back agreements administered include those that the firm administers on behalf of other firms. |
A.3 | GROSS PREMIUM INCOME AND GROSS TECHNICAL LIABILITIES For insurers: The amount of premium receivable which must be included in the documents required to be deposited under IPRU(INS) 9.6 in relation to the financial year to which the documents relate but disregarding for this purpose such amounts as are not included in the document by reason of a waiver or an order under section 68 of the Insurance Companies Act 1982 carried forward as an amendment to IPRU(INS) under transitional provisions relating to written concessions in SUP; |
AND the amount of gross technical liabilities (IPRU(INS) Appendix 9.1 - Form 15, line 19) which must be included in the documents required to be deposited under IPRU(INS) 9.6R in relation to the financial year to which the documents relate but disregarding for this purpose such amounts as are not included in the document by reason of a waiver or an order under section 68 of the Insurance Companies Act 1982 carried forward as an amendment to IPRU(INS) under transitional provisions relating to written concessions in SUP. | |
Notes: (1) in the case of either: (a) a pure reinsurer carrying on general insurance business through a branch in the United Kingdom; or (b) an insurer whose head office is not in an EEA State carrying on general insurance business through a branch in the United Kingdom; or (c) a non-EEA insurer other than a Swiss general insurer which has permission to carry on direct insurance business and which has made a deposit in an EEA state other than the United Kingdom in accordance with IPRU(INS) 8.1(2), the amount only includes premiums received and gross technical liabilities held in respect of its United Kingdom business; (2) for a Swiss general insurance company, premiums and gross technical liabilities include those relevant to the operations of the company's United Kingdom branch; and (3) a firm need not include premiums and gross technical liabilities relating to pure protection contracts which it reports, and pays a fee on, in the A.4 activity group. |
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For friendly societies: Either: (a) the value of contributions as income under Schedule 7: Part I item 1(a) to the Friendly Societies (Accounts and Related Provisions) Regulations 1994 (SI 1994/1983) (the regulations) for a non-directive friendly society, included within the income and expenditure account; or (b) the value of gross premiums written under Schedule 1: Part I items I.1(a) and II.1.(a) of the regulations for a directive friendly society included within the income and expenditure account. |
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Notes: (1) In both (a) and (b) above only premium receivable in respect of United Kingdom business are relevant. (2) For UK ISPVs the tariff base is not relevant and a flat fee set out in FEES 4 Annex 2R is payable. |
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A.4 | ADJUSTED GROSS PREMIUM INCOME AND MATHEMATICAL RESERVES Amount of new regular premium business (yearly premiums including reassurances ceded but excluding cancellations and reassurances accepted), times ten; Plus amounts of new single premium business (total including reassurances ceded but excluding cancellations and reassurances accepted). Group protection business (life and private health insurance) must be included; Less premiums relating to pension fund management; Less premiums relating to Trustee Investment Plans. For each of the above, business transacted through independent practitioners or tied agents (either single or multi-tie) will be divided by two in calculating the adjusted gross premium income; |
AND the amount of mathematical reserves (IPRU(INS) Appendix 9.1R - Form 14, Line 11) which must be included in the documents required to be deposited under IPRU(INS) 9.6R in relation to the financial year to which the documents relate but disregarding for this purpose such amounts as are not included in the document by reason of a waiver or an order under section 68 of the Insurance Companies Act 1982 carried forward as an amendment to IPRU(INS) under transitional provisions relating to written concessions in SUP; Less mathematical reserves relating to pension fund management. Less mathematical reserves relating to Trustee Investment Plans. Notes: (1) [deleted] (2) Only premiums receivable and mathematical reserves held in respect of United Kingdom business are relevant. (3) An insurer must include in its calculation of adjusted gross premium income (AGPI) and mathematical reserves (MR) the value of MR and AGPI relating to all risks ceded to ISPVs. (4) Trustee Investment Plans are the class of contract of insurance specified in Class III of Part II of Schedule 1 to the Regulated Activities Order (Contracts of long-term insurance) and which are invested in pooled funds beneficially owned by the insurer and not earmarked to individual beneficiaries by that insurer. |
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A.5 | ACTIVE CAPACITY The capacity of the syndicate(s) under management in the year in question. This includes the capacity for syndicate(s) that are not writing new business, but have not been closed off in the year in question. |
A.6 | Not applicable. |
A.7 | FUNDS UNDER MANAGEMENT (FuM) The total value, in pounds sterling, of all assets (see note (a) below) in portfolios which the firm manages, on a discretionary basis (see note (b) below), in accordance with its terms of business, less: (a) funds covered by the exclusion contained in article 38 (Attorneys) of the Regulated Activities Order; (b) funds covered by the exclusion contained in article 66(3) (Trustees, nominees and personal representatives) of the Regulated Activities Order; (c) funds covered by the exclusion contained in article 68(6) (Sale of goods or supply of services) of the Regulated Activities Order; (d) funds covered by the exclusion contained in article 69(5) (Groups and joint enterprises) of the Regulated Activities Order; and (e) the value of those parts of the managed portfolios in respect of which the responsibility for the discretionary management has been formally delegated to another firm (and which firm will include the value of the assets in question in its own FuM total); any such deduction should identify the firm to which management responsibility has been delegated. |
Notes on FuM (a) For the purposes of calculating the value of funds under management, assets means all assets that consist of or include any investment which is a designated investment or those assets in respect of which the arrangements for their management are such that the assets may consist of or include such investments, and either the assets have at any time since 29 April 1988 done so or the arrangements have at any time (whether before or after that date) been held out as arrangements under which the assets would do so. (b) Assets managed on a non-discretionary basis, being assets that the firm has a contractual duty to keep under continuous review but in respect of which prior specific consent of the client must be obtained for proposed transactions, are NOT included as this activity is covered in those charged to fees in activity groups A.12 and A.13. (c) In respect of collective investment schemes, assets means the total value of the assets of the scheme. (d) For an OPS firm, the FuM should also be reduced by the value of the assets held as a result of a decision taken in accordance with article 4(6) of The Financial Services and Markets Act 2000 (Carrying on Regulated Activities by Way of Business) Order 2001 (investments in collective investment scheme or bodies corporate which have as their primary purpose the acquisition, directly, or indirectly, of relevant investments, as defined in that article). (e) Only assets that are managed from an establishment maintained by the firm in the United Kingdom are relevant. |
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A.8 | Not applicable. |
A.9 | GROSS INCOME For operators (including ACDs and managers of unit trusts but excluding operators of a personal pension scheme or a stakeholder pension scheme): gross income from the activity relating to fee-block A.9 is defined as: the amount of the annual charge on funds invested in regulated or unregulated collective investment scheme received or receivable in the latest accounting period (this is calculated as a % of funds invested, typically 1% p.a.); PLUS the front-end or exit charge levied on sales or redemptions of collective investment schemes (typically 4-5% of sales/redemptions) in that same accounting period; |
PLUS any additional initial or management charges levied through a product wrapper such as an ISA; BUT EXCLUDING box management profits. For depositaries (including trustees of collective investment schemes and ICVC depositaries): The amount of the annual charge levied on funds in regulated collective investment schemes for which they act as depositary (typically a % of the total funds for which they act as depositary). For operators of a personal pension scheme or a stakeholder pension scheme: The amount of the charges levied on the personal pension scheme or stakeholder pension scheme for which they act as operator: including up-front charges, fund related charges, transaction related charges and periodic charges; but excluding charges made to an investor in respect of third party suppliers; for example, charges for stock broking, borrowing, banking services and charges for arranging third party legal services, surveys or environmental screening in connection with property. Note: Only the gross income corresponding to United Kingdom business is relevant. |
|
A.10 | NUMBER OF TRADERS Any employee or agent, who: ordinarily acts within the United Kingdom on behalf of an authorised person liable to pay fees to the FSA in its fee-block A.10 (firms dealing as principal); and who, as part of their duties in relation to those activities of the authorised person, commits the firm in market dealings or in transactions in securities or in other specified investments in the course of regulated activities. But not any employees or agents who work solely in the firm's MTF operation. |
A.11 | Not applicable. |
A.12 | APPROVED PERSONS The number of persons approved to perform the customer function (CF 30), but excluding those persons who work solely in the firm's MTF operation or solely acting in the capacity of an investment manager or solely advising clients in connection with corporate finance business or performing functions related to these. |
A.13 | APPROVED PERSONS The number of persons approved to perform the customer function (CF 30), but excluding those persons who work solely in the firm's MTF operation or solely acting in the capacity of an investment manager or solely advising clients in connection with corporate finance business or performing functions related to these. |
A.14 | APPROVED PERSONS The number of persons approved to perform the customer function (CF 30) who advise clients in connection with corporate finance business or perform related functions. |
A.15 | Not applicable. |
A.16 | Percentage share of the amount paid towards PIA's 2001/2002 pensions review levy by fee-payers in fee-block A.16. |
A.17 | Not applicable. |
A.18 | ANNUAL INCOME (a) the net amount retained by the firm of all brokerages, fees, commissions and other related income (eg administration charges, overriders, profit shares) due to the firm in respect of or in relation to home finance mediation activity (or activities which would have been mortgage mediation activity if they had been carried out after 30 October 2004 or home purchase mediation activity or home reversion mediation activity if they had been carried out on or after 6 April 2007 or regulated sale and rent back mediation activity if they had been carried out on or after 1 July 2009); Plus (b) for any home finance mediation activity carried out by the firm for which it receives payment from the lender or provider on a basis other than that in (a), the value of all new mortgage advances and amounts provided under other home finance transactions resulting from that activity multiplied by 0.004; Plus (c) if the firm is a home finance provider, the value of all new mortgage advances and amounts provided under other home finance transactions which are or would be regulated mortgage contracts if they had been made after 30 October 2004 or home purchase plans or home reversion plans if they had been made on or after 6 April 2007 or regulated sale and rent back mediation activity if they had been carried out on or after 1 July 2009(other than those made as a result of home finance mediation activity by another firm), multiplied by 0.004. For mortgage outsourcing firms or home finance outsourcing firms whose permission does not include advising on a home finance transaction the relevant amounts are multiplied by 0.15. Notes on annual income: (1) For 2004/05 and 2005/06 firms have supplied this data on their 'HSF1' or 'variation of permission' application form. (2) For the purposes of calculating annual income, "net amount retained" means all the commission, fees, etc. in respect of home finance mediation activity that the firm has not rebated to customers or passed on to other firms (for example, where there is a commission chain). Items such as general business expenses (eg employees' salaries, overheads) should not be deducted. (3) The firm must include in its income calculation, on the same basis as above, earnings from those who will become its appointed representatives immediately after authorisation. (4) Reference to a "firm" above also includes reference to any person who carried out activities which would be mortgage mediation activity if they had been carried out after 30 October 2004 or home purchase mediation activity or reversion mediation activity if they had been carried out on or after 6 April 2007 or regulated sale and rent back mediation activity if they had been carried out on or after 1 July 2009. (5) Mortgage outsourcing firms are firms whose permission includes administering regulated mortgage contracts, but not entering into a regulated mortgage contract. Home finance outsourcing firms are firms whose permission includes administering a home finance transaction, but not entering into a home finance transaction. (6) The same firm may receive income under paragraph (a) and (c). (7) A firm must include in paragraph (a) any income it receives from home finance mediation activity carried on by another person with respect to any home finance transaction into which the firm has entered as lender, plan provider or home purchase provider. (8) In calculating the net amount retained, a firm may not deduct amounts that it rebates to a person other than another firm, a person falling within the extended definition of firm in Note (4) or the firm's customer. (9) A firm may only deduct amounts under paragraph (a) in calculating its net amount retained if the amount is to be deducted from income that the firm must include under paragraph (a). Therefore for example: (a) if a mortgage lender (Firm A) pays a firm commission for arranging a regulated mortgage under which Firm A is a lender, Firm A may not take that expense into account in calculating its annual income if Firm A does not receive a fee from the borrower or another person in respect of that regulated mortgage; and (b) if a mortgage lender (Firm A) pays a firm (Firm B) commission for arranging a regulated mortgage under which Firm A is a lender, Firm A receives a payment from the borrower under that transaction and the amount payable to Firm B exceeds the amount payable by the borrower, Firm A may not take that excess into account in calculating its annual income and must instead net the sum payable by the borrower to zero. (10) A firm must include in paragraph (a) any survey and booking fees due to it in respect of or in relation to home finance mediation activity or which would been home finance mediation activity if they had been carried on or after the dates in paragraph (a). |
A.19 | ANNUAL INCOME (A) the net amount retained by the firm of all brokerages, fees, commissions and other related income (eg administration charges, overriders, profit shares) due to the firm in respect of or in relation to insurance mediation activity (or activities which would have been insurance mediation activity if they had been carried out after 13 January 2005 or, in relation to connected travel insurance contracts, from 1 January 2009) in relation to general insurance contracts or pure protection contracts; Plus (B) in relation to the activities set out in (A), for any insurance mediation activity carried out by the firm for which it receives payment from the insurer on a basis other than that in (A), the amount of premiums receivable on the contracts of insurance resulting from that activity multiplied by 0.07; Plus (C) if the firm is an insurer, in relation to the activities set out in (A), the amount of premiums receivable on its contracts of insurance multiplied by 0.07, excluding those contracts of insurance which: (i) result from insurance mediation activity by another firm, where a payment has been made by the insurer to the firm under (A); or (ii) the insurer reports in, and pays a fee under, the A.4 activity group; or (iii) are not general insurance contracts or pure protection contracts. Notes on annual income: (2) For the purposes of calculating annual income, "net amount retained" means all the commission, fees, etc. in respect of insurance mediation activity that the firm has not rebated to customers or passed on to other firms (for example, where there is a commission chain). Items such as general business expenses (eg employees' salaries, overheads) should not be deducted. (3) The firm must include in its income calculation, on the same basis as above, earnings from those who will become its appointed representatives immediately after authorisation. (4) Reference to a "firm" above also includes reference to any person, including a connected travel insurance intermediary, who carried out activities which would be insurance mediation activity (in respect of general insurance contracts or pure protection contracts) if they had been carried out after 13 January 2005 or, in relation to connected travel insurance contracts, from 1 January 2009. (5) The same firm may receive income under (A) and (C). (6) A firm must include in (A) any income it receives from insurance mediation activity carried on by another person with respect to any general insurance contracts or pure protection contracts into which the firm has entered as insurer. (7) In calculating the net amount retained, a firm may not deduct amounts that it rebates to a person other than another firm, a person falling within the extended definition of firm in Note (4) or the firm's customer. (8) A firm may only deduct amounts under (A) in calculating its net amount retained if the amount is to be deducted from income that the firm must include under (A). Therefore for example: (a) if an insurer (Firm A) pays a firm commission for arranging a general insurance contract or pure protection contract under which Firm A is the insurer, Firm A may not take that expense into account in calculating its annual income if Firm A does not receive a fee from the insured or another person in respect of that contract; and (b) if an insurer (Firm A) pays a firm (Firm B) commission for arranging a general insurance contract or pure protection contract under which Firm A is the insurer, Firm A receives a payment from the insured under that transaction and the amount payable to Firm B exceeds the amount payable by the insured, Firm A may not take that excess into account in calculating its annual income and must instead net the sum payable by the insured to zero. |
B. Market operators | Not applicable. |
B. Service companies | Not applicable. |
B. MTF operators | Not applicable |
Part 3 | This table indicates the valuation date for each fee-block. A firm can calculate its tariff data by applying the tariff bases set out in Part 2 with reference to the valuation dates shown in this table. |
Activity group | Valuation date |
IN THIS TABLE, REFERENCES TO SPECIFIC DATES OR MONTHS ARE REFERENCES TO THE LATEST ONE OCCURRING BEFORE THE START OF THE PERIOD TO WHICH THE FEE APPLIES, UNLESS OTHERWISE SPECIFIED - E.G. FOR 2004/05 FEES (1 APRIL 2004 TO 31 MARCH 2005), A REFERENCE TO DECEMBER MEANS DECEMBER 2003. | |
Where a firm's tariff data is in a currency other than sterling, it should be converted into sterling at the exchange rate prevailing on the relevant valuation date. | |
A.1 | For banks: Modified eligible liabilities (MELs), valued at: for a firm which reports monthly, the average of the MELs for October, November and December; for a firm which reports quarterly, the MELs for December. For e-money issuer: MELs, valued at the end of the financial year ended in the calendar year ending 31 December. For credit unions: MELs, valued at December or as disclosed by the most recent annual return made prior to that date. For building societies: MELs, valued at the average of the MELs for October, November and December. |
A.2 | Number of mortgages, home purchase plans, home reversion plans and regulated sale and rent back agreements entered into in the twelve months ending 31 December. AND Number of mortgages, home purchase plans, home reversion plans and regulated sale and rent back agreements being administered on 31 December. |
A.3 | Annual gross premium income (GPI), for the financial year ended in the calendar year ending 31 December. AND Gross technical liabilities (GTL) valued at the end of the financial year ended in the calendar year ending 31 December. |
A.4 | Adjusted annual gross premium income (AGPI) for the financial year ended in the calendar year ending 31 December. AND Mathematical reserves (MR) valued at the end of the financial year ended in the calendar year ending 31 December. |
A.5 | Active capacity (AC), in respect of the Underwriting Year (as reported to the Society of Lloyd's) which is current at the beginning of the period to which the fee relates. [Note: this is the Underwriting Year which is already in progress at the start of the fee period - e.g. for 2004/05 fees, the fee period will begin on 1 April 2004, which is in the 2004 Underwriting Year, so the AC for that Underwriting Year is the relevant measure.] |
A.6 | Not applicable. |
A.7 | Funds under management (FuM), valued at 31 December. |
A.8 | Not applicable. |
A.9 | Annual gross income (GI), valued at the most recent financial year ended before 31 December. |
A.10 | Number of traders as at 31 December. |
A.11 | Not applicable. |
A.12 | Relevant approved persons as at 31 December. |
A.13 | Relevant approved persons as at 31 December. |
A.14 | Relevant approved persons as at 31 December. |
A.15 | Not applicable. |
A.16 | Not applicable. |
A.17 | Not applicable. |
A.18 | Annual income (AI) for the financial year ended in the calendar year ending 31 December. |
A.19 | Annual income (AI) for the financial year ended in the calendar year ending 31 December. |
B. Market operators | Not applicable. |
B. Service companies | Not applicable. |
B. MTF operators | Not applicable |
- 01/07/2009
FEES 4 Annex 2
Fee tariff rates, permitted deductions and EEA/Treaty firm modifications for the period from 1 July 2009 to 1 July 2010
- 01/07/2009
See Notes
This table shows the tariff rates applicable to each fee block
(1) | For each activity group specified in the table below, the fee is the total of the sums payable for each of the tariff bands applicable to the firm's business, calculated as follows: | ||
(a) | the relevant minimum fee; plus | ||
(b) | an additional fee calculated by multiplying the firm's tariff base by the appropriate rates applying to each tranche of the tariff base, as indicated (Note 1). | ||
(2) | A firm may apply the relevant tariff bases and rates to non-UK business, as well as to its UK business, if: | ||
(a) | it has reasonable grounds for believing that the costs of identifying the firm's UK business separately from its non-UK business in the way described in Part 2 of FEES 4 Annex 1 are disproportionate to the difference in fees payable; and | ||
(b) | it notifies the FSA in writing at the same time as it provides the information concerned under FEES 4.4 (Information on which fees are calculated), or, if earlier, at the time it pays the fees concerned. | ||
(3) | For a firm which has not complied with FEES 4.4.2 R (Information on which fees are calculated) for this period: | ||
(a) | the fee is calculated using (where relevant) the valuation or valuations of business applicable to the previous period, multiplied by the factor of 1.10; | ||
(b) | an additional administrative fee of 250 is payable; and | ||
(c) | the minimum total fee (including the administrative fee in (b)) is 430. | ||
Note 1 | In the case of activity groups A.3 and A.4 there are two tariff rates. The rate in column 1 applies to all firms in their respective fee-blocks. The rate in column 2 relates to the Solvency 2 Implementation fee and firms must determine their obligation to pay this fee by reference to Part 5 of this Annex. The total periodic fee for each of these fee-blocks is determined by adding the amounts obtained under both columns. | ||
Activity group | Fee payable | ||
A.1 | Minimum fee () | 160 | |
million of Modified Eligible Liabilities (MELs) | Fee (/m or part m of MELS) | ||
0 - 0.5 | 0 | ||
>0.5 - 2 | additional flat fee of 380 | ||
>2 -10 | additional flat fee of 530 | ||
>10 - 200 | 32.31 | ||
>200 - 2,000 | 32.31 | ||
>2,000 - 10,000 | 32.31 | ||
>10,000 - 20,000 | 47.19 | ||
>20,000 | 47.19 | ||
For a firm in A.1 which has a limitation on its permission to the effect that it may accept deposits from wholesale depositors only, the fee is calculated as above less 30%. | |||
A.2 | Minimum fee () | 525 | |
No. of mortgages and/or home finance transactions | Fee (/mortgage) | ||
0 - 50 | 0 | ||
51 - 500 | 6.40 | ||
501 - 1,000 | 2.37 | ||
1,001 - 50,000 | 2.37 | ||
50,001 - 500,000 | 1.35 | ||
>500,000 | 0.32 | ||
A.3 | Gross premium income (GPI) | Column 1 (General periodic fee) |
Column 2 (Solvency 2 Implementation Fee) |
Minimum fee () | 430 | 25.04 | |
million of GPI | Fee (/m or part m of GPI) | ||
0 - 0.5 | 0 | 0 | |
>0.5 - 2 | 2,461.92 | 154.50 | |
>2 - 5 | 2,461.92 | 154.50 | |
>5 - 20 | 2,461.92 | 154.50 | |
>20 - 75 | 799.42 | 50.18 | |
>75 - 150 | 799.42 | 50.18 | |
>150 | 107.36 | 6.75 | |
PLUS | |||
Gross technical liabilities (GTL) | Column 1 (General Periodic fee) |
Column 2 (Solvency 2 Implementation fee) |
|
Minimum fee () | 0 | 0 | |
million of GTL | Fee (/m or part m of GTL) | ||
0 - 1 | 0 | 0 | |
>1 - 5 | 60.30 | 3.74 | |
>5 - 50 | 60.30 | 3.74 | |
>50 - 100 | 60.30 | 3.74 | |
>100 - 1,000 | 18.96 | 1.18 | |
>1,000 | 7.59 | 0.48 | |
PLUS | |||
Solvency 2 Special Project Fee (the Solvency 2 fee) | |||
Minimum fee () | 0 | ||
There is only a single tariff band. | The fee is calculated in accordance with Part 4 of this Annex. The percentage for this fee block (by which periodic fees are multiplied as described in Part 4) is 9.79%. | ||
For UK ISPV's the tariff rates are not relevant and a flat fee of 430 is payable in respect of each FSA financial year (the 12 months ending 31 March). | |||
A.4 | Adjusted annual gross premium income (AGPI) | Column 1 (General Periodic fee) |
Column 2 (Solvency 2 Implementation fee) |
Minimum fee () | 215 | 10.09 | |
million of AGPI | Fee (/m or part m of AGPI) | ||
0 - 1 | 0 | 0 | |
>1 - 50 | 740.00 | 40.84 | |
>50 - 1,000 | 740.00 | 40.84 | |
>1,000 - 2,000 | 554.56 | 30.60 | |
>2,000 | 380.75 | 17 | |
PLUS | |||
Mathematical reserves (MR) | Column 1 (General Periodic fee) |
Column 2 (Solvency 2 Implementation fee) |
|
Minimum fee () | 215 | 9.73 | |
million of MR | Fee (/m or part m of MR) | ||
0 - 1 | 0 | 0 | |
>1 - 10 | 42.35 | 2.20 | |
>10 - 100 | 42.35 | 2.20 | |
>100 - 1,000 | 22.25 | 1.17 | |
>1,000 - 5,000 | 22.25 | 1.17 | |
>5,000 - 15,000 | 15.04 | 0.79 | |
>15,000 | 15.04 | 0.79 | |
PLUS | |||
Solvency 2 Special Project Fee (Solvency 2 fee) | |||
Minimum fee () | 0 | ||
There is only a single tariff band. | The fee is calculated in accordance with Part 4 of this Annex. The percentage for this fee block (by which periodic fees are multiplied as described in Part 4) is 9.66%. | ||
A.5 | Minimum fee () | 580 | |
million of Active Capacity (AC) | Fee (/m or part m of AC) | ||
0 - 50 | 0 | ||
>50 - 150 | 122.49 | ||
>150 - 250 | 116.67 | ||
>250 | 48.21 | ||
A.6 | Flat fee | 1,743,958 | |
PLUS | |||
Solvency 2 Special Project Flat Fee () | 95,000 | ||
PLUS | |||
Solvency 2 Implementation Flat Fee () | 83,000 | ||
A.7 | For class 1(C), (2) and (3) firms: | ||
Minimum fee () | 1,210 | ||
million of Funds under Management (FuM) | Fee (/m or part m of FuM) | ||
0 - 10 | 0 | ||
>10 - 100 | 58.27 | ||
>100 - 2,500 | 18.74 | ||
>2,500 - 10,000 | 10.43 | ||
>10,000 | 1.60 | ||
For class 1(B) firms: the fee calculated as for class 1(C) firms above, less 15%. For class 1(A) firms: the fee calculated as for class 1(C) firms above, less 50%. |
|||
A.8 | This activity group does not apply for this period. | ||
A.9 | Minimum fee () | 1,890 | |
million of Gross Income (GI) | Fee (/m or part m of GI) | ||
0 - 1 | 0 | ||
>1 - 5 | 991.25 | ||
>5 - 15 | 955 | ||
>15 - 40 | 955 | ||
>40 | 940 | ||
A.10 | Minimum fee () | 2,310 | |
No. of traders | Fee (/trader) | ||
0 - 2 | 0 | ||
3 - 5 | 3,937 | ||
6 - 10 | 2,677 | ||
11 - 50 | 2,677 | ||
51 - 200 | 3,283 | ||
>200 | 3,283 | ||
A.11 | This activity group does not apply for this period. | ||
A.12 | Minimum fee () | 1,960 | |
No. of persons | Fee (/person) | ||
0 - 1 | 0 | ||
2 - 4 | 1,232 | ||
5 - 10 | 590 | ||
11 - 25 | 504 | ||
26 - 150 | 255 | ||
151 - 1,500 | 255 | ||
>1,500 | 160 | ||
For a professional firm in A.12 the fee is calculated as above less 10%. | |||
A.13 | For class (2) firms: | ||
Minimum fee () | 1,850 | ||
No. of persons | Fee (/person) | ||
0 - 1 | 0 | ||
2 - 4 | 1,119 | ||
5 - 10 | 1,073 | ||
11 - 25 | 1,073 | ||
26 - 500 | 939 | ||
501 - 4,000 | 939 | ||
>4,000 | 939 | ||
For class (1) firms: 1,850 For a professional firm in A.13 the fee is calculated as above less 10%. |
|||
A.14 | Minimum fee () | 1,335 | |
No. of persons | Fee (/person) | ||
0 - 1 | 0 | ||
2 | 1,393 | ||
3 - 4 | 1,393 | ||
5 - 10 | 1,211 | ||
11 - 100 | 1,211 | ||
101 - 200 | 902 | ||
>200 | 902 | ||
A.15 | This activity group does not apply for this period. | ||
A.16 | This activity group does not apply for this period. | ||
A.17 | This activity group does not apply for this period. | ||
A.18 | Minimum fee () | 745 | |
thousands of Annual Income (AI) | Fee (/ thousand or part thousand of AI) | ||
0 - 100 | 0 | ||
>100 - 1,000 | 6.93 | ||
>1,000 - 5,000 | 5.60 | ||
>5,000 - 10,000 | 5.60 | ||
>10,000 - 20,000 | 4.33 | ||
>20,000 | 3.71 | ||
A.19 | Minimum fee () | 450 | |
thousands of Annual Income (AI) | Fee (/ thousand or part thousand of AI) | ||
0 - 100 | 0 | ||
>100 - 1,000 | 4.66 | ||
>1,000 - 5,000 | 4.30 | ||
>5,000 - 15,000 | 2.99 | ||
>15,000 - 100,000 | 1.40 | ||
>100,000 | 0.57 | ||
B. Market operators | 30,000 | ||
B. Service companies | Bloomberg LP | 40,000 | |
EMX Co Ltd | 30,000 | ||
LIFFE Services Ltd | 30,000 | ||
[row deleted] | |||
OMGEO Ltd | 30,000 | ||
Reuters Ltd | 40,000 | ||
Swapswire Ltd | 30,000 | ||
Thomson Financial Ltd | 30,000 | ||
B. MTF operators | As set out in 0R (Periodic fees for MTF operators). |
This table shows the permitted deductions that apply
Activity group | Nature of deduction | Amount of deduction |
A.1 | Financial penalties received | 6.2% of the fee payable by the firm for the activity group (see Part 1) |
A.2 | Financial penalties received | 6.2% of the fee payable by the firm for the activity group (see Part 1) |
A.3 | Financial penalties received | 6.2% of the fee payable by the firm for the activity group (see Part 1). The deduction does not apply to any Solvency 2 fee (as defined in Part 1) or Solvency 2 Implementation fee as applicable under Part 5. |
A.4 | Financial penalties received | 6.2% of the fee payable by the firm for the activity group (see Part 1). The deduction does not apply to any Solvency 2 fee (as defined in Part 1) or Solvency 2 Implementation fee as applicable under Part 5. |
A.5 | Financial penalties received | 6.2% of the fee payable by the firm for the activity group (see Part 1) |
A.6 | Financial penalties received | 6.2% of the fee payable by the firm for the activity group (see Part 1). The deduction does not apply to any Solvency 2 Special Project flat fee or Solvency 2 Implementation flat fee (as defined in Part 1). |
A.7 | Financial penalties received | 6.2% of the fee payable by the firm for the activity group (see Part 1) |
A.9 | Financial penalties received | 6.2% of the fee payable by the firm for the activity group (see Part 1) |
A.10 | Financial penalties received | 6.3% of the fee payable by the firm for the activity group (see Part 1) |
A.12 | Financial penalties received | 6.2% of the fee payable by the firm for then activity group (see Part 1) |
A.13 | Financial penalties received | 6.2% of the fee payable by the firm for the activity group (see Part 1) |
A.14 | Financial penalties received | 6.2% of the fee payable by the firm for the activity group (see Part 1) |
A.18 | Financial penalties received | 6.2% of the fee payable by the firm for the activity group (see Part 1) |
A.19 | Financial penalties received | 6.2% of the fee payable by the firm for the activity group (see Part 1) |
Part 3 | ||
This table shows the modifications to fee tariffs that apply to incoming EEA firms and incoming Treaty firms which have established branches in the UK. | ||
Activity group | Percentage deducted from the tariff payable under Part 1 applicable to the firm | Minimum amount payable |
A.1 | 80% | 100 |
A.3 | 100% | nil |
A.4 | 25% | 100 |
A.7 | 5% | 100 |
A.9 | 5% | 100 |
A.10 | 10% | 100 |
A.12 | 10% | 100 |
A.13 | 10% | 100 |
A.19 | 10% | 100 |
B. MTF operators | Not applicable | Not applicable |
The modifications to fee tariffs payable by an incoming EEA firm or an incoming Treaty firm which has established a branch in the UK apply only in relation to the relevant regulated activities of the firm which are passported activities or Treaty activities and which are carried on in the UK. |
Part 4 | ||
This table shows the calculation of the Solvency 2 fee for firms falling into fee block A.3 or A.4 | ||
(1) | The Solvency 2 fee forms part of the periodic fee payable under fee block A.3 and A.4 (the insurance fee blocks). | |
(2) | The Solvency 2 fee is only payable by a firm if: | |
(a) | it was in one or both of the insurance fee blocks at the start of the financial year 2009/10; | |
(b) | FEES 4.3.13 R (Firms Applying to Cancel or Vary Permission Before Start of Period) does not apply with respect to the fee block in (a); | |
(c) | it has not notified the FSA before the start of the financial year 2009/10 that it intends to migrate out of the United Kingdom for regulatory purposes before the proposed Solvency II Directive is implemented; and | |
(d) | it is not an incoming EEA firm or an incoming Treaty firm. | |
(3) | The Solvency 2 fee is payable by the top sixty firms in the list of firms that fall into (2) and into fee block A3, and by the top sixty firms in the list of firms that fall into (2) and into fee block A4. A firm's ranking in the list for a particular insurance fee block is measured by reference to the amount of the periodic fees payable by it under FEES 4.3 in respect of the financial year 2008/9 with respect to that insurance fee block. | |
(4) | The fee for a particular insurance fee block is calculated by multiplying the periodic fee payable by the firm with respect to that fee block (ignoring the Solvency 2 fee and the Solvency 2 Implementation fee) by the percentage specified in Part 1. | |
(5) | The total Solvency 2 fee payable by a firm (taking into account amounts payable under both insurance fee blocks) is capped at 95,000. | |
(6) | For the purpose of (3) firms falling into (2) that are in the same group at the start of the financial year 2009/10 must be treated as a single firm, so that the total number of firms liable to pay the Solvency 2 fee may be greater than 120 | |
(7) | Where (6) applies, the Solvency 2 fee payable by the firms in the group concerned for a particular insurance fee block is calculated by multiplying the total amount of the periodic fees payable by those firms with respect to that fee block (ignoring the Solvency 2 fee and the Solvency 2 Implementation fee) by the percentage specified in Part 1. All those firms are liable jointly and severally to pay the Solvency 2 fee. | |
(8) | Where (7) applies, (5) is applied to the group as a whole so that the total joint Solvency 2 fee payable by the group is capped at 95,000. | |
(9) | The definition of a group is restricted for the purpose of calculating the Solvency 2 fee to parent undertakings and their subsidiary undertakings. | |
(10) | In calculating the fee to which the percentage in (4) or (7) is applied, no account is taken of any change in the fee that takes place after the Solvency 2 fee has been billed. | |
(11) | The Solvency 2 fee is not reduced under the table in FEES 4.2.6 R (Modifications for persons becoming subject to periodic fees during the course of a financial year). Instead the fee to which the percentage in (4) or (7) is applied takes account of any reduction under that table. The same applies for the reductions in Part 3 of this Annex (Modifications to fee tariffs that apply to incoming EEA firms and incoming Treaty firms). |
Part 5 | ||
This Part sets out when a Solvency 2 Implementation fee is due for firms in the A.3 and A.4 fee-blocks. | ||
(1) | The Solvency 2 Implementation fee is only payable by a firm if it meets all the conditions in (2) and neither of the conditions in (3). | |
(2) | The conditions in this paragraph are: | |
(a) | FEES 4.3.13 R (Firms Applying to Cancel or Vary Permission Before Start of Period) does not apply with respect to the relevant fee-blocks; | |
(b) | the firm has not notified the FSA before the start of the financial year 2009/10 that it intends to migrate out of the United Kingdom for regulatory purposes before the proposed Solvency II Directive is implemented; | |
(c) | its gross premium income or adjusted gross premium income, as appropriate, referred to in FEES 4 Annex 1 Part 2, exceeds EUR 5 million at the end of the financial year ended in the calendar year ending 31 December prior to the FSA financial year; | |
(d) | its gross technical liabilities or mathematical reserves, as appropriate, referred to in FEES 4 Annex 1, Part 2, exceed EUR 25 million at the end of the financial year ended in the calendar year ending 31 December prior to the FSA financial year. | |
(3) | The conditions in this paragraph are: | |
(a) | the firm is a reinsurance undertaking that has, by 10 December 2007, ceased to conduct new insurance business and only administers its existing portfolio in order to terminate its activity as a reinsurance undertaking; | |
(b) | it is a reinsurance undertaking whose insurance business is conducted or fully guaranteed by the United Kingdom government for reasons of substantial public interest in the capacity of reinsurer of last resort. | |
(4) | Where a firm has notified the FSA that it intends to migrate out of the United Kingdom for regulatory purposes before the proposed Solvency II Directive is implemented in the United Kingdom but when the proposed Directive is implemented that firm remains in the United Kingdom for regulatory purposes, it must pay the Solvency 2 Implementation fee for each financial year commencing 1 April 2009 for which the Solvency 2 Implementation fee would have applied to the firm but for the firm notifying the FSA of its intention to migrate. | |
(5) | Where a firm is required to pay a Solvency 2 Implementation fee because of the circumstances described in (4) it must pay this fee within 30 days of the date of the invoice. | |
(6) | For the purposes of this Part, the exchange rate from the Euro to the pound sterling is calculated as at the last day of the October preceding the financial year of the FSA in question for which the exchange rates for the currencies of all European Union member states were published in the Official Journal of the European Union. |
- 01/07/2009
FEES 4 Annex 3
Transaction reporting fees
- 01/01/2006
Transaction reporting fees for the period from 1 April 2009 to 31 March 2010
See Notes
Fee type | Fee amount | |
Transaction charge | Number of transactions per annum | Fee per transaction |
For the first 1,000 | 0p | |
1,001 - 1,000,000 | 1.91p | |
1,000,001 - 4,000,000 | 1.70p | |
4,000,001 - 8,000,000 | 1.49p | |
8,000,001 - 13,000,000 | 1.28p | |
13,000,001 - 20,000,000 | 1.06p | |
>20,000,000 | 0.85p | |
Firms using the Transaction Reporting System will be additionally invoiced for: | ||
(a) | [deleted] | |
(b) | [deleted] | |
(c) | an annual enrolment fee of £200 per registration held on 1 April each year for users of the FSA's Transaction Reporting System. |
- 01/04/2009
FEES 4 Annex 4
Periodic fees in relation to collective investment schemes payable for the period 1 April 2009 to 31 March 2010
- 01/06/2009
See Notes
Scheme type | Basic fee (£) | Total funds/sub-funds aggregate | Fund factor | Fee (£) |
ICVC, AUT, Section 264 of the Act Section 270 of the Act |
570 | 1-2 3-6 7-15 16-50 >50 |
1 2.5 5 11 22 |
570 1,425 2,850 6,270 12,540 |
Section 272 of the Act | 2,325 | 1-2 3-6 7-15 16-50 >50 |
1 2.5 5 11 22 |
2,326 5,815 11,630 25,586 51,172 |
Schemes set up under section 264 of the Act are charged according to the number of funds or sub-funds which a firm is operating and marketing into the UK as at 31 March immediately before the start of the period to which the fee applies. For example, for 2008/09 fees a reference to 31 March means 31 March 2008.
- 01/06/2009
FEES 4 Annex 5
Periodic fees for designated professional bodies payable in relation to the period 1 April 2009 to 31 March 2010
- 01/04/2009
See Notes
Name of Designated Professional Body | Amount payable | Due date |
The Law Society of England & Wales | £50,985 | 30 April 2009 |
£18,105 | 1 September 2009 | |
The Law Society of Scotland | £13,990 | 1 July 2009 |
The Law Society of Northern Ireland | £12,990 | 1 July 2009 |
The Institute of Actuaries | £10,110 | 1 July 2009 |
The Institute of Chartered Accountants in England and Wales | £25,630 | 1 July 2009 |
The Institute of Chartered Accountants of Scotland | £11,330 | 1 July 2009 |
The Institute of Chartered Accountants in Ireland | £10,630 | 1 July 2009 |
The Association of Chartered Certified Accountants | £17,070 | 1 July 2009 |
The Council for Licensed Conveyancers | £11,090 | 1 July 2009 |
Royal Institution of Chartered Surveyors | £13,650 | 1 July 2009 |
(1) The FSA register includes details of exempt professional firms carrying out insurance mediation activity.
- 01/06/2009
FEES 4 Annex 6
Periodic fees for recognised investment exchanges and recognised clearing houses payable in relation to the period 1 April 2009 to 31 March 2010
- 01/04/2009
See Notes
In this Annex: |
- the term recognised body includes a body which was a recognised investment exchange or a recognised clearing house recognised under the Financial Services Act 1986 and which is a recognised body as a result of Regulation 9 of the Recognition Requirements Regulations; and |
- the term recognition order includes a recognition order made by the FSA under section 37 or section 39 of the Financial Services Act 1986 or a recognition order made by the Treasury under section 40 of the Financial Services Act 1986. |
Name of UK recognised body | Amount payable | Due date |
Euroclear UK & Ireland Limited | £244,500 | 30 April 2009 |
£310,500 | 1 September 2009 | |
ICE Futures Europe Ltd | £192,500 | 30 April 2009 |
267,500 | 1 September 2009 | |
LIFFE Administration and Management | £300,000 | 30 April 2009 |
£350,000 | 1 September 2009 | |
LCH Clearnet Limited | £281,000 | 30 April 2009 |
£315,000 | 1 September 2009 | |
The London Metal Exchange Limited | 30 April 2009 | |
£211,500 | 1 September 2009 | |
London Stock Exchange plc | £269,500 | 30 April 2009 |
£252,500 | 1 September 2009 | |
SWX Europe Ltd | £77,000 | 30 April 2009 |
88,000 | 1 September 2009 | |
EDX London Ltd | £48,000 | 30 April 2009 |
£37,000 | 1 September 2009 | |
PLUS Markets Plc | £77,000 | 30 April 2009 |
£118,000 | 1 September 2009 | |
European Central Counterparty Limited | £125,000 | 30 April 2009 |
£202,000 | 1 September 2009 | |
ICE Clear Europe Limited | £125,000 | 30 April 2009 |
£243,000 | 1 September 2009 | |
Any other UK recognised investment exchange recognised as such by a recognition order made in the period | £150,000 | 30 days after the date on which the recognition order is made |
Any other UK recognised clearing house recognised as such by a recognition order made in the period | £250,000 | 30 days after the date on which the recognition order is made |
Name of overseas recognised body | Amount payable | Due date |
Cantor Financial Futures Exchange | £30,000 | 1 July 2009 |
The Chicago Mercantile Exchange (CME) (ROIE) | £30,000 | 1 July 2009 |
Chicago Board of Trade | £30,000 | 1 July 2009 |
EUREX (Zurich) | £30,000 | 1 July 2009 |
National Association of Securities and Dealers Automated Quotations (NASDAQ) | £30,000 | 1 July 2009 |
New York Mercantile Exchange Inc. | £30,000 | 1 July 2009 |
The Swiss Stock Exchange | £30,000 | 1 July 2009 |
Sydney Futures Exchange Limited | £30,000 | 1 July 2009 |
ICE Futures US Inc | £30,000 | 1 July 2009 |
SIS x-clear AG | £60,000 | 1 July 2009 |
Eurex Clearing AG | £60,000 | 1 July 2009 |
ICE Clear US Inc | £60,000 | 1 July 2009 |
Chicago Mercantile Exchange (CME) (ROCH) | £60,000 | 1 July 2009 |
Any other overseas investment exchange recognised as such by a recognition order made in the period | £30,000 | 30 days after the date on which the recognition order is made |
Any other overseas clearing house recognised as such by a recognition order made in the period | £60,000 | 30 days after the date on which the recognition order is made |
- 01/06/2009
FEES 4 Annex 7
Periodic fees in relation to the Listing Rules for the period 1 April 2009 to 31 March 2010
- 01/06/2009
See Notes
Fee type | Fee amount |
Annual fees for the period 1 April 2009 to 31 March 2010 | |
Annual Issuer Fees - all listed issuers of shares, depositary receipts and securitised derivatives. This fee represents the total annual fee for a listed issuer - no additional annual fee is due under the disclosure rules and transparency rules. | (1) For all issuers of securitised derivatives, depositary receipts and global depositary receipts the fees payable are set out in Table 1. (2) For all other issuers, fees to be determined according to market capitalisation are as set out in Table 2. The fee is calculated as follows: (a) the relevant minimum fee; plus (b) the cumulative total of the sums payable for each of the bands calculated by multiplying each relevant tranche of the firm's market capitalisation by the rate indicated for that tranche. Where issuers have more than one type of share in issue, the highest market capitalisation of all of its securities in issue is used. (3) Notwithstanding (2), overseas issuers with a listing of equity securities which is not a primary listing will only pay 80% of the fee otherwise payable under (2). |
Annual fees are charged in annual cycles beginning on 1 April of a year and ending on 31 March of the following year. For fees purposes issuers should take into account only equity ordinary shares, including those issued by suspended issuers. |
Issuer | Fee amount |
Issuers of securitised derivatives | £3,425 |
Issuers of depositary receipts and global depositary receipts | £4,110 |
Tiered annual fees for all other issuers
Fee payable | |
Minimum fee (£) | £3,425 |
£ million of Market Capitalisation | Fee (£/£m or part £m of Market Capitalisation) |
0 - 100 | 0 |
>100 - 250 | 21.845700 |
>250 - 1,000 | 8.737700 |
>1,000 - 5,000 | 5.378413 |
>5,000 - 25,000 | 0.131196 |
>25,000 | 0.042386 |
- 01/06/2009
FEES 4 Annex 8
Periodic fees in relation to the disclosure rules and transparency rules for the period 1 April 2009 to 31 March 2010
- 01/06/2009
See Notes
Annual fees for the period 1 April 2009 to 31 March 2010 | ||
All non-listed issuers of shares, depositary receipts and securitised derivatives. Annual fees for listed issuers in respect of Disclosure Rules and Transparency Rules obligations are incorporated in the annual fee for listed issuers under the Listing Rules. | (1) For all non-listed issuers of securitised derivatives, depositary receipts and global depositary receipts the fees payable are set out in Table 1. | |
(2) For all other non-listed issuers, fees to be determined according to market capitalisation as set out in Table 2. The fee is calculated as follows: | ||
(a) | the relevant minimum fee; plus | |
(b) | the cumulative total of the sums payable for each of the bands calculated by multiplying each relevant tranche of the firm's market capitalisation by the rate indicated for that tranche. | |
Fees from other fee schedules contained in other sections of the sourcebook may be applicable to a single submission. |
Annual fees for non-listed issuers of securitised derivatives, depositary receipts and global depositary receipts
Issuer | Fee amount |
Issuers of securitised derivatives | £2,740 |
Issuers of depositary receipts and global depositary receipts | £3,288 |
Fee payable | |
Minimum fee (£) | 2,740 |
£ million of Market Capitalisation | Fee (£/£m or part £m of Market Capitalisation) |
0 - 100 | 0 |
>100 - 250 | 17.476560 |
>250 - 1,000 | 6.990160 |
>1,000 - 5,000 | 4.302730 |
>5,000 - 25,000 | 0.104957 |
>25,000 | 0.033909 |
- 01/06/2009
FEES 4 Annex 9
Periodic fees in respect of securitised derivatives for the period from 1 April 2009 to 31 March 2010
- 01/06/2009
See Notes
Part 1
This table shows the fee amount applicable to firms and market operators in respect of certain securitised derivatives.
For the purposes of this Annex relevant contracts are all transactions entered into by firms in securitised derivatives entered into on or settled through LIFFE or Eurex Clearing AG, and the relevant period is 1 January 2008 to 31 December 2008 inclusive.
The fee shown in the table below for firms (but not for market operators) will be subject to a deduction of 6.2%, as if that fee were a periodic fee charged under FEES 4.3.3 R, and the deduction were a deduction set out in Part 2 of FEES 4 Annex 2 R.
Fee amount for firms | |
Number of relevant contracts entered into by the firm during the relevant period | Fee amount |
0 - 100 | £0 |
101 - 1,000 | £475 |
1,001 - 100,000 | £2,450 |
100,001 - 1,000,000 | £7,350 |
1,000,001 - 5,000,000 | £17,100 |
5,000,001 - 20,000,000 | £31,300 |
>20,000,000 | £48,800 |
Fee amount for market operators | |
Market operators providing facilities for trading in securitised derivatives that do not identify those using an International Securities Identity Number. | £10,000 |
- 01/06/2009
FEES 4 Annex 10
Periodic fees for MTF operators payable in relation to the period 1 April 2009 to 31 March 2010
- 01/04/2009
See Notes
Name of MTF operator | Fee payable (£) | Due date 30 April 2009 |
Barclays Bank Plc | 2,600 | |
BATS Trading Ltd | 38,000 | |
BGC Brokers L.P | 2,600 | |
Cantor Index Limited | 5,600 | |
CantorCO2e Limited | 2,600 | |
Chi-X Europe Limited | 38,000 | |
EuroMTS Limited | 20,000 | |
GFI Brokers Limited | 2,600 | |
GFI Securities Limited | 2,600 | |
ICAP Electronic Broking Limited | 4,400 | |
ICAP Energy Limited | 2,600 | |
ICAP Europe Limited | 2,600 | |
ICAP HydeTanker Derivatives Limited | 2,600 | |
ICAP Securities Limited | 2,600 | |
ICAP WCLK Limited | 2,600 | |
Liquidnet Europe Limited | 20,000 | |
MF Global UK Limited | 2,300 | |
My Treasury Limited | 2,600 | |
NASDAQ OMX Europe Limited | 38,000 | |
NYMEX | 20,000 | |
TFS-ICAP Limited | 2,600 | |
Tradeweb Europe Limited | 9,200 | |
Tradition (UK) Limited | 2,600 | |
Tradition Financial Services Limited | 2,600 | |
Tullett Prebon (Europe) Limited | 2,600 | |
Tullett Prebon (Securities) Limited | 2,600 | |
Turquoise Services Limited | 38,000 | |
Any other firm whose permission includes operating a multilateral trading facility, including: (a) an EEA firm; or (b) a firm that, during the course of the relevant financial year, receives permission for operating a multilateral trading facility or whose permission is extended to include this activity. | In the case of an EEA firm that: (a) has not carried on the activity of operating a multilateral trading facility in the UK at any time in the calendar year ending 31 December 2008; and (b) notifies the FSA of that fact by the end of March 2009; the fee is zero. Information required under (b) is to be treated as information required under FEES 4.4 (Information on which Fees are calculated) In any other case: £2000 | In the case of a firm that, during the course of the relevant financial year, receives permission for operating a multilateral trading facility or whose permission is extended to include this activity, within 30 days of receiving that permission or extension. In any other case, 30 April 2009 |
- 01/04/2009
FEES 5
Financial Ombudsman Service Funding
FEES 5.1
Application and Purpose
- 01/01/2006
Application
FEES 5.1.1
See Notes
This chapter applies to:
- (1) every firm which is subject to the Compulsory Jurisdiction and (apart from FEES 5.3, 5.4 and 5.8) every licensee which is subject to the Consumer Credit Jurisdiction of the Financial Ombudsman Service; and
- (2) every other person who is subject to the Compulsory Jurisdiction in relation to relevant complaints.
- 06/04/2007
FEES 5.1.2
See Notes
- 01/01/2006
FEES 5.1.3
See Notes
References in this chapter to "firms" are to be construed, where relevant, as including:
- (1) in accordance with the Ombudsman Transitional Order, unauthorised persons subject to the Compulsory Jurisdiction in relation to relevant complaints (see Transitional Provisions 6 and 7 of DISP); and
- (2) as a result of section 226 of the Act, unauthorised persons who were formerly firms in respect of complaints about acts or omissions which occurred at the time when they were firms, provided that the Compulsory Jurisdiction rules were in force in relation to the activity in question.
- 01/01/2006
FEES 5.1.3A
See Notes
- 06/04/2007
Exemption
FEES 5.1.4
See Notes
- 01/11/2007
FEES 5.1.4A
See Notes
- 01/11/2007
FEES 5.1.5
See Notes
- 01/01/2006
FEES 5.1.6
See Notes
- 01/01/2006
Purpose
FEES 5.1.7
See Notes
- 01/06/2009
FEES 5.1.8
See Notes
- 06/04/2007
FEES 5.2
Introduction
- 01/01/2006
FEES 5.2.1
See Notes
- 06/04/2007
FEES 5.2.2
See Notes
Section 234 of the Act (Industry Funding) enables the FSA to require the payment to it or to FOS Ltd, by firms or any class of firm, of specified amounts (or amounts calculated in a specified way) to cover the costs of:
- (1) the establishment of the Financial Ombudsman Service; and
- (2) its operation in relation to the Compulsory Jurisdiction.
- 06/04/2007
FEES 5.2.2A
See Notes
Section 234A (1) of the Act (Funding by consumer credit licensees etc.) enables FOS Ltd from time to time and with the approval of the FSA to determine a sum which is to be raised by way of contributions under that section to cover the costs of:
- (1) the establishment of the Financial Ombudsman Service so far as it relates to the Consumer Credit Jurisdiction;
- (2) its operation in relation to the Consumer Credit Jurisdiction; and
- (3) a component to cover the costs of collection of the contributions to that sum (collection costs).
- 06/04/2007
FEES 5.2.2B
See Notes
FOS Ltd must notify the Office of Fair Trading of every determination made under section 234A(1) and the Office of Fair Trading must give a general notice of every determination so notified. The Office of Fair Trading may by general notice impose requirements on
- (1) licensees under standard licences which cover to any extent the carrying on of a type of business specified in an order made under section 226A(2)(e) of the Act; or
- (2) persons who make applications for:
- (a) standard licences covering to any extent business of such a type; or
- (b) the renewal of standard licences on terms covering to any extent the carrying on of a business of such a type;
to pay contributions to the Office of Fair Trading for the purpose of raising sums determined by FOS Ltd in accordance with the provisions of section 234A (6) and (7) of the Act.
- 06/04/2007
FEES 5.2.3
See Notes
- 01/01/2006
FEES 5.2.3A
See Notes
- 06/04/2007
FEES 5.2.4
See Notes
- 01/01/2006
FEES 5.2.5
See Notes
- 01/01/2006
FEES 5.2.6
See Notes
- 01/01/2006
FEES 5.2.7
See Notes
- 01/01/2006
FEES 5.3
The general levy
- 01/01/2006
FEES 5.3.1
See Notes
Each financial year, the FSA and FOS Ltd will consult on the amount of the annual budget of the Financial Ombudsman Service which is to be raised by the general levy.
- 01/01/2006
FEES 5.3.2
See Notes
- 01/01/2006
FEES 5.3.3
See Notes
- 01/01/2006
FEES 5.3.4
See Notes
- 01/01/2006
FEES 5.3.5
See Notes
- 01/01/2006
FEES 5.3.6
See Notes
- 01/01/2006
FEES 5.3.7
See Notes
- 01/01/2006
FEES 5.3.8
See Notes
A firm's general levy is calculated as follows:
- (1) identify each of the tariff bases set out in Part 2 of FEES 5 Annex 1 which apply to the relevant business of the firm for the relevant year;
- (2) for each of those tariff bases, calculate the sum payable in relation to the relevant business of the firm for that year;
- (3) add together the amounts calculated under (2).
- 01/01/2006
FEES 5.3.9
See Notes
- 01/01/2006
FEES 5.3.10
See Notes
- 01/01/2006
FEES 5.4
Information requirement
- 01/01/2006
FEES 5.4.1
See Notes
- (1) A firm must provide the FSA by the end of February each year (or, if the firm has become subject to the Financial Ombudsman Service part way through the financial year, by the date requested by the FSA) with a statement of the total amount of relevant business (measured in accordance with the appropriate tariff base(s)) which it conducted, as at or in the year to 31 December of the previous year as appropriate, in relation to the tariff base for each of the relevant industry blocks set out in part 2 of FEES 5 Annex 1.
- (2) Paragraph (1) does not apply if the firm pays a general levy on a flat fee basis only.
- (3) If a firm cannot provide a statement of the total amount of relevant business as required by FEES 5.4.1 R, it must provide the best estimate of the amount of relevant business that it conducted.
- (4) For the purpose of FEES 5.4.1 R, references to relevant business for a firm which falls in industry block 16 or 17 and which so elects under part 2 of FEES 5 Annex 1, are references to the firm's total amount of annual income reported in accordance with Part 2 of FEES 4 Annex 1.
- (5) If a firm does not submit a complete statement by the date on which it is due in accordance with this rule and any prescribed submission procedures:
- (a) the firm must pay an administrative fee of 250 (but not if it is already subject to an administrative fee under FEES 4 Annex 2, Part 1 or FEES 6.5.16 R for the same financial year); and
- (b) the general levy will be calculated using (where relevant) the valuation or valuations of business applicable to the previous period, multiplied by the factor of 1.10 (or, if a firm has become subject to the Financial Ombudsman Service part way through the financial year, on the basis of the information provided to the FSA for the purposes of FEES 4.4.2 R) or on any other reasonable basis, making such adjustments as seem appropriate in subsequent levies once the true figures are known.
- 01/06/2009
FEES 5.4.2
See Notes
- 28/08/2007
FEES 5.4.3
See Notes
- 01/01/2006
FEES 5.4.4
See Notes
- 06/04/2008
FEES 5.5
Case fees
- 01/01/2006
Standard case fee
FEES 5.5.1
See Notes
- 06/04/2007
FEES 5.5.2
See Notes
- 01/01/2006
FEES 5.5.2A
See Notes
- 06/04/2007
FEES 5.5.3
See Notes
- 01/01/2006
FEES 5.5.4
See Notes
- 01/01/2006
FEES 5.5.5
See Notes
- 01/01/2006
Special case fees: complaints from small businesses
FEES 5.5.6
See Notes
- 06/04/2008
Special case fees: firms which cease to be authorised and persons which cease to be licensees
FEES 5.5.7
See Notes
- 01/01/2006
FEES 5.5.7A
See Notes
- 06/04/2007
Special case fees: relevant complaints against persons who were subject to a former scheme
FEES 5.5.8
See Notes
- 01/01/2006
FEES 5.5.9
See Notes
- 01/01/2006
Special case fees for 2001/02
FEES 5.5.10
See Notes
- 01/01/2006
FEES 5.5.11
See Notes
- 01/01/2006
FEES 5.5.12
See Notes
- 01/01/2006
FEES 5.5.13
See Notes
- 01/01/2006
FEES 5.5.14
See Notes
- 01/01/2006
Case fee exemption
FEES 5.5.15
See Notes
- 01/04/2008
FEES 5.5.16
See Notes
- 06/07/2006
FEES 5.6
The supplementary levy
- 01/01/2006
FEES 5.7
Payment
- 01/01/2006
FEES 5.7.1
See Notes
- 01/06/2009
FEES 5.7.2
See Notes
- 06/04/2007
FEES 5.7.3
See Notes
- 01/01/2006
FEES 5.7.4
See Notes
- 01/01/2006
FEES 5.8
Joining the Financial Ombudsman Service
- 01/01/2006
FEES 5.8.1
See Notes
- 01/06/2009
FEES 5.8.2
See Notes
- 01/06/2009
Application of FEES 5.8.2R
FEES 5.8.3
See Notes
References in this table to dates or months are references to the latest one occurring before the start of the FSA's financial year unless otherwise stated.
Type of permission acquired on 1 November | Tariff base | Valuation date but for FEES 5.8.2R | Data period under FEES 5.8.2R |
Insurers - general | Relevant annual gross premium income | 31 March 2009 - so projected valuations will be used | 1 November to 31 December 2009. |
Fund managers (including those holding client money/assets and not holding client money/assets | Relevant funds under management | Valued at 31 December | Valued at 31 December |
Advisory arrangers, dealers or brokers holding and controlling client money and/or assets | Number of relevant persons approved to perform the customer function with certain exclusions | Relevant approved persons as at 31 December | Relevant approved persons as at 31 December |
- 01/04/2009
FEES 5.9
Leaving the Financial Ombudsman Service
- 01/01/2006
FEES 5.9.1
See Notes
- 01/01/2006
FEES 5.9.1A
See Notes
- 06/04/2007
FEES 5.9.2
See Notes
- 01/06/2009
FEES 5.9.3
See Notes
- 06/04/2007
FEES 5 Annex 1
Annual Fees Payable in Relation to 2009/10
- 01/04/2009
See Notes
1. The annual budget for 2009/10 approved by the FSA is 92.5m.
Part 1: General levy
2. The total amount expected to be raised through the general levy in 2009/10 will be £17.7m (net of £1.8m to be raised from consumer credit firms).
Part 2: Fee tariffs for general levy
Industry block | Tariff base | General levy payable by firm |
1-Deposit acceptors, home finance providers and home finance administrators (excluding firms in block 14) | Number of accounts relevant to the activities in DISP 2.6.1 R as at 31 December For an e-money firm, the tariff base includes the number of e-money accounts multiplied by 0.15. (7) |
0.027 per relevant account, subject to a minimum levy of 100 |
2-Insurers - general (excluding firms in blocks 13 & 15) | Relevant annual gross premium income | 0.126 per 1,000 of relevant annual gross premium income, subject to a minimum levy of 100 |
3-The Society (of Lloyd's) | Not applicable | 28,000 to be allocated by the Society |
4-Insurers - life (excluding firms in block 15) | Relevant adjusted annual gross premium income | 0.028 per 1,000 of relevant adjusted annual gross premium income, subject to a minimum levy of 100 |
5-Fund managers (including those holding client money/assets and not holding client money/assets) | Flat fee | Levy of 200 |
6-Operators, trustees and depositaries of collective investment schemes and operators of personal pension schemes or stakeholder pension schemes | Flat fee | Levy of 50 |
7-Dealers as principal | Flat fee | Levy of 50 |
8-Advisory arrangers, dealers or brokers holding and controlling client money and/or assets | Number of relevant persons approved to perform the customer function (CF30), but excluding those persons solely acting in the capacity of an investment manager or solely advising clients in connection with corporate finance business or performing functions relating to these. | 45 per relevant approved person subject to a minimum levy of 45 |
9-Advisory arrangers, dealers or brokers not holding and controlling client money and/or assets | Number of relevant persons approved to perform the customer function (CF30), but excluding those persons solely acting in the capacity of an investment manager or solely advising clients in connection with corporate finance business or performing functions relating to these. | 40 per relevant approved person subject to a minimum levy of 40 |
10-Corporate finance advisers | Flat fee | Levy of 50 |
11- | N/A for 2008/09 | |
12- | N/A for 2009/10 | |
13-Cash plan health providers | Flat fee | Levy of 50 |
14-Credit unions | Flat fee | Levy of 50 |
15-Friendly societies whose tax-exempt business represents 95% or more of their total relevant business | Flat fee | Levy of 50 |
16- Home finance providers, advisers and arrangers (excluding firms in blocks 13, 14 & 15) | Flat fee | Levy of 70 |
17 - General insurance mediation (excluding firms in blocks 13, 14 & 15) | Annual income (as defined in MIPRU 4.3) relating to firm's relevant business | 0.175 per 1,000 of annual income (as defined in MIPRU 4.3) relating to firm's relevant business subject to a minimum levy of 80 |
4 | [not used] |
5 | The industry blocks in the table are based on the equivalent activity groups set out in Part 1 of FEES 4 Annex 1. |
6 | Where the tariff base in the table is defined in similar terms as that for the equivalent activity group in Part 2 of FEES 4 Annex 1, it must be calculated in the same way as that tariff base - taking into account only the firm's relevant business. |
7 | (1) An e-money account is, subject to (2), e-money that has been issued by an e-money firm and which can reasonably be regarded as being held by the owner of the e-money as a single balance and under the same arrangements. (2) An account that would be an e-money account under (1) will not be one where, as at 31 December, it carries a nil balance and/or has been inactive for a period of 12 months or more. |
Table: Standard case fees and special case fees
Compulsory jurisdiction - case fee table | ||
case fee | ||
standard case fee | 500 | (for the fourth chargeable case and any subsequent chargeable case in this financial year 2009/10) |
special case fee | 500 | (for the fourth chargeable case and any subsequent chargeable case in this financial year 2009/10) |
The definitions of standard case fee and special case fee are in FEES 5.5, (case fees) in the FSA Handbook. | ||
The definition of a chargeable case is in the Glossary to the FSA Handbook |
Table: Consumer credit jurisdiction - standard case fee
Consumer credit jurisdiction - case fee table | ||
case fee | ||
standard case fee | 500 | (for the fourth chargeable case and any subsequent chargeable case in this financial year 2009/10) |
special case fee | 500 | (for the fourth chargeable case and any subsequent chargeable case in this financial year 2009/10) |
The definitions of standard case fee and special case fee are in FEES 5.5, (case fees) in the FSA Handbook. | ||
The definition of a chargeable case is in the Glossary to the FSA Handbook |
Part 4: VJ participants
Table: Fee tariffs and case fees for VJ participants
Voluntary jurisdiction - general levy tariff and case fee table | |||||
industry block and business activity | tariff basis | tariff rate | minimum levy | case fee (Note 1) | |
1V | deposit acceptors, mortgage lenders and administrators, including debit/credit/charge card issuers and electronic money institutions | number of relevant accounts, adjusted in respect of e-money accounts on the same basis as for industry block 1 in Part 2 of FEES 5 Annex 1 R (Note 2) |
0.027 | 100 | 500 |
2V | VJ participants undertaking insurance activities subject only to prudential regulation | per 1,000 of relevant annual gross premium income | 0.126 | 100 | 500 |
3V | VJ participants undertaking insurance activities subject to prudential and conduct of business regulation | Per 1,000 of relevant adjusted annual gross premium income | 0.025 | 100 | 500 |
6V | intermediaries | n/a | n/a | 75 | 500 |
7V | Freight-forwarding companies | n/a | n/a | 75 | 500 |
8V | National Savings & Investments | n/a | n/a | 10,000 | 500 |
9V | Post Office Limited | n/a | n/a | 10,000 | 500 |
10V | Persons not covered by 1V to 9V undertaking activities which would be regulated activities or consumer credit activities if they were carried on from an establishment in the United Kingdom | n/a | n/a | 75 | 500 |
Notes *note on case fees: (1) The standard case fee and the special case fee are both 500.As for the compulsory jurisdiction, VJ participants will only be charged for the fourth and subsequent chargeable case in this financial year 2009/10. note on relevant accounts: (2) The FSA's consultation paper CP08/18 (chapter 7) contains a proposal to amend the definition of relevant accounts in relation to e-money accounts. (www.fsa.gov.uk/pubs/cp/cp08_18.pdf) |
- 01/06/2009
FEES 6
Financial Services Compensation Scheme Funding
FEES 6.1
Application
- 01/01/2006
FEES 6.1.1
See Notes
- 01/07/2009
FEES 6.1.2
See Notes
(1) Firms which are not participant firms (such as certain types of incoming EEA firms, service companies and ICVCs) are not required to contribute towards the funding of the compensation scheme.
(2) Although a member is a participant firm for the purposes of most provisions of COMP, a member is excluded from the definition of participant firm for the purposes of FEES 6 (see definition of participant firm in Glossary). This is because the fees levied in relation to the carrying on of insurance market activities by members will be imposed on Society rather than individually on each member (see FEES 6.3.24 R).
- 01/01/2006
Purpose
FEES 6.1.3
See Notes
- 01/01/2006
General structure
FEES 6.1.4
See Notes
- 01/01/2006
FEES 6.1.5
See Notes
- 01/04/2008
FEES 6.1.6
See Notes
- 01/01/2006
FEES 6.1.7
See Notes
- 01/04/2008
FEES 6.1.8
See Notes
- 01/04/2008
The management expenses levy
FEES 6.1.9
See Notes
- 01/01/2006
FEES 6.1.10
See Notes
- 01/04/2008
FEES 6.1.11
See Notes
- 01/04/2008
FEES 6.1.13
See Notes
- 01/01/2006
The compensation costs levy
FEES 6.1.14
See Notes
- 01/01/2006
FEES 6.1.15
See Notes
- 01/04/2008
FEES 6.1.16
See Notes
If a participant firm is a member of more than one sub-class, the total compensation costs levy and specific costs levy for that firm will be the aggregate of the individual levies calculated for the firm in respect of each of the sub-classes. Each sub-class has a levy limit which is the maximum amount of compensation costs which may be allocated to a particular sub-class in a financial year for the purposes of a levy. Once the costs attributable to a particular sub-class have exceeded the levy limit the excess costs are allocated to the other sub-class in the same class, up to the levy limit of that other sub-class, and thereafter allocated to a 'general retail pool' of all the other sub-classes whose levy limits have not been reached (with the exception of the home finance providers). The amount of the excess cost to be allocated to each particular sub-class in the general retail pool is calculated pro-rata in accordance with the relative size of the levy limit of that sub-class to the sum of the levy limits of the remainder of the sub-classes in the general retail pool whose levy limits have not been reached. In the case of the deposits class, once the costs attributable to that class have exceeded the levy limit the excess costs are allocated to the general retail pool. The use made by FSCS of borrowing facilities to provide liquidity until the next levy does not affect this allocation of costs.
- 01/04/2008
FEES 6.1.16A
See Notes
- 01/04/2008
Incoming EEA firms
FEES 6.1.17
See Notes
- 01/04/2008
FEES 6.2
Exemption
- 01/01/2006
FEES 6.2.1
See Notes
- 01/01/2006
FEES 6.2.2
See Notes
- 01/01/2006
FEES 6.2.3
See Notes
- 01/01/2006
FEES 6.2.4
See Notes
- 01/01/2006
FEES 6.2.5
See Notes
- 01/01/2006
FEES 6.2.6
See Notes
- 01/01/2006
FEES 6.2.7
See Notes
The financial year of the compensation scheme is the twelve months ending on 31 March. The effect of FEES 6.2.6 R and FEES 6.2.1R (2) is that if a firm fails to notify FSCS of an exemption under FEES 6.2.1 R by 31 March it will be treated as non-exempt for the whole of the next financial year.
- 01/04/2008
FEES 6.2.8
See Notes
- 01/04/2007
FEES 6.3
The FSCS's power to impose levies
- 01/01/2006
General limits on levies
FEES 6.3.1
See Notes
- 01/01/2006
FEES 6.3.2
See Notes
- 01/01/2006
FEES 6.3.3
See Notes
- 01/01/2006
FEES 6.3.4
See Notes
- 01/01/2006
Limits on compensation costs levies on sub-classes and classes
FEES 6.3.5
See Notes
The maximum amount of compensation costs for which the FSCS can levy each sub-class and class in any one financial year of the compensation scheme is limited to the amounts set out in the table in FEES 6 Annex 2.
- 01/04/2008
Levy for compensation costs paid in error
FEES 6.3.10
See Notes
- 01/01/2006
Management of funds
FEES 6.3.11
See Notes
The FSCS must hold any amount collected from a specific costs levy or compensation costs levy to the credit of the classes and relevant sub-classes, in accordance with the allocation established under FEES 6.4.6 R and FEES 6.5.2 R.
- 01/04/2008
FEES 6.3.12
See Notes
- 01/01/2006
FEES 6.3.13
See Notes
- 01/04/2008
FEES 6.3.14
See Notes
- 01/04/2008
FEES 6.3.15
See Notes
The FSCS may use the money collected from firms within one class to pay compensation costs in respect of any sub-class within that class, so long as it ensures that this is done without prejudice to the participant firms from whom the money has been collected.
- 01/04/2008
FEES 6.3.15A
See Notes
- 01/04/2008
FEES 6.3.16
See Notes
- 01/04/2008
FEES 6.3.17
See Notes
- 01/04/2008
FEES 6.3.18
See Notes
- 01/04/2008
FEES 6.3.19
See Notes
- 01/04/2008
FEES 6.3.20
See Notes
- (1) This rule applies where the FSCS makes recoveries in relation to protected claims where related compensation costs would have been met by a sub-class (sub-class A) had the levy limit for sub-class A not been reached and have therefore been met by another sub-class or sub-classes.
- (2) This rule applies even though the recovery is made in a subsequent financial year.
- (3) Recoveries referred to in (1) must be applied in the following order of priority:
- (a) (if the compensation costs were allocated to the general retail pool (see FEES 6.5.2 R(2)) to the classes and sub-classes to which the costs were allocated in accordance FEES 6.5.2 R(2) in the same proportion as those classes and respective sub-classes contributed, up to the total amount of that allocation plus interest at a rate equivalent to the Bank of England's repo rate from time to time in force;
- (b) (if the compensation costs were allocated to the other sub-class in the same class as sub-class A) to that other sub-class up to the total amount of that allocation plus interest at a rate equivalent to the Bank of England's repo rate from time to time in force; and
- (c) sub-class A.
- 01/04/2008
FEES 6.3.20A
See Notes
- 01/04/2008
FEES 6.3.21
See Notes
- 01/04/2008
Adjustments to calculation of levy shares
FEES 6.3.22
See Notes
- 01/11/2008
FEES 6.3.22A
See Notes
- 01/11/2008
FEES 6.3.22B
See Notes
- 01/11/2008
Firms acquiring businesses from other firms
FEES 6.3.22C
See Notes
- 01/01/2009
Remission of levy or additional administrative fee
FEES 6.3.23
See Notes
- 01/01/2006
Levies on the Society of Lloyd's
FEES 6.3.24
See Notes
- 01/04/2008
FEES 6.4
Management expenses
- 01/01/2006
Obligation on participant firm to pay
FEES 6.4.1
See Notes
- 01/01/2006
Limit on management expenses
FEES 6.4.2
See Notes
- 01/01/2006
Participant firm's share
FEES 6.4.3
See Notes
- 01/04/2008
FEES 6.4.4
See Notes
- 01/04/2008
Base costs levy
FEES 6.4.5
See Notes
Unless FEES 6.3.22 R applies, the FSCS must calculate a participant firm's share of a base costs levy by:
- (1) identifying the base costs which the FSCS has incurred, or expects to incur, in the relevant financial year of the compensation scheme, but has not yet levied;
- (2) calculating the amount of the participant firm's regulatory costs as a proportion of the total regulatory costs relating to all participant firms for the relevant financial year; and
- (3) applying the proportion calculated in (2) to the figure in (1).
- 01/01/2006
Specific costs levy
FEES 6.4.6
See Notes
- 01/04/2008
FEES 6.4.7
See Notes
- 01/04/2008
New participant firms
FEES 6.4.8
See Notes
- 01/01/2006
FEES 6.4.10
See Notes
- 01/04/2008
Specific costs levy for newly authorised firms
FEES 6.4.10A
See Notes
- 01/04/2009
Application of FEES 6.4.10AR
FEES 6.4.10B
See Notes
References in this table to dates or months are references to the latest one occurring before the start of the FSCS financial year unless otherwise stated.
Type of permission acquired on 1 November | Tariff base | Valuation date but for FEES 6.5.13BR | Data period under FEES 6.5.13bR |
Accepting deposits | Protected deposits | As at 31 December 2009 | As at 31 December 2009 |
Effecting contracts of insurance
(Insurers - general) | Relevant net premium income | The firm's tariff base calculated in the year 2009 - so projected valuation will be used. | 1 November to 31 December 2009 |
Dealing in investments as agent in relation to General Insurance Intermediation | Annual eligible income | Financial year ended 31 March 2009 - so projected valuations will be used. | 1 November to 31 December 2009 |
- 01/04/2009
FEES 6.5
Compensation costs
- 01/01/2006
FEES 6.5.1
See Notes
- 01/01/2006
FEES 6.5.2
See Notes
The FSCS must allocate any compensation costs levy to the sub-classes in proportion to the amount of compensation costs arising from, or expected to arise from, claims in respect of the different activities represented by those sub-classes up to the levy limit of each relevant sub-class and thereafter in the following order:
- (1) any excess must be allocated to the other sub-class in the same class up to the levy limit of that other sub-class (except in the deposit class, for which there is only one sub-class); and any excess must be allocated to the other sub-class in the same class up to the levy limit of that other sub-class (except in the deposit class, for which there is only one sub-class); and
- (2) any excess above the levy limit of the class must be allocated to each other sub-class, other than the home finance provision sub-class E1, whose levy limit has not been reached (the 'general retail pool'), in proportion to the relative sizes of the levy limits of those remaining sub-classes in the general retail pool.
- 01/04/2008
FEES 6.5.2A
See Notes
- 01/04/2008
FEES 6.5.2B
See Notes
- 01/04/2008
FEES 6.5.2C
See Notes
- 01/04/2008
FEES 6.5.3
See Notes
- 01/04/2008
FEES 6.5.4
See Notes
- 01/04/2008
FEES 6.5.5
See Notes
- 01/04/2008
FEES 6.5.6
See Notes
- 01/04/2008
Sub-classes and tariff bases for compensation cost levies and specific costs levies
FEES 6.5.7
See Notes
- 01/04/2008
FEES 6.5.8
See Notes
- 01/04/2008
New participant firms
FEES 6.5.9
See Notes
- 01/04/2008
Compensation costs levy for newly authorised firms
FEES 6.5.9A
See Notes
- 01/04/2009
FEES 6.5.9B
See Notes
- 01/04/2009
Membership of several classes or sub-classes
FEES 6.5.12
See Notes
- 01/04/2008
Reporting requirements
FEES 6.5.13
See Notes
- 01/11/2008
FEES 6.5.13A
See Notes
- 01/11/2008
FEES 6.5.14
See Notes
- 01/01/2006
FEES 6.5.15
See Notes
- 01/01/2006
FEES 6.5.16
See Notes
- 01/01/2006
FEES 6.6
Incoming EEA firms
- 01/01/2006
FEES 6.6.1
See Notes
- 01/11/2007
FEES 6.7
Payment of levies
- 01/01/2006
FEES 6.7.1
See Notes
- 01/01/2006
FEES 6.7.2
See Notes
- 01/01/2006
FEES 6.7.3
See Notes
- 01/01/2006
FEES 6.7.4
See Notes
- 01/01/2006
FEES 6.7.5
See Notes
- 01/01/2006
FEES 6.7.6
See Notes
- 29/10/2008
FEES 6 Annex 1
Financial Services Compensation Scheme - Management Expenses Levy Limit
- 01/04/2006
See Notes
This table belongs to FEES 6.4.2 R | |
Period | Limit on total of all management expenses levies attributable to that period (£) |
1 December 2001 to 1 April 2002 | £4,209,000 |
1 April 2002 to 31 March 2003 | £13,228,000 |
1 April 2003 to 31 March 2004 | £13,319,000 |
1 April 2004 to 31 March 2005 | £17,590,000 |
1 April 2005 to 31 March 2006 | £27,030,000 |
1 April 2006 to 31 March 2007 | £37,060,000 |
1 April 2007 to 31 March 2008 | £37,520,000 |
1 April 2008 to 31 March 2009 | £1,000,000,000 provided that £600,000,000 may be recovered in respect of specific costs relating to the declaration by the FSA on 27 September 2008 that Bradford & Bingley plc is in default only. |
1 April 2009 to 31 March 2010 | £1,000,000,000 |
- 01/04/2009
FEES 6 Annex 2
Financial Services Compensation Scheme - annual levy limits
- 06/11/2007
See Notes
Class | Sub-class | Levy Limit (£ million) |
Deposit | ||
Deposit | 1,840 | |
Life and Pensions | ||
Life and Pensions Provision | 690 | |
Life and Pensions Intermediation | 100 | |
General insurance | ||
General Insurance Provision | 775 | |
General Insurance Intermediation | 195 | |
Investment | ||
Fund management | 270 | |
Investment Intermediation | 100 | |
Home Finance | ||
Home Finance Provision | 70 | |
Home Finance Intermediation | 60 |
- 06/11/2007
FEES 6 Annex 3
Financial Services Compensation Scheme - classes and sub-classes
- 06/11/2007
See Notes
Class A | Deposit |
Legal basis for activity in class A | accepting deposits. BUT does not include any fee payer who either effects or carries out contracts of insurance. |
Tariff base | Protected deposits as at 31 December |
Class B | General Insurance |
Sub-class B1 | General Insurance Provision |
Legal basis for activity in sub-class B1 |
effecting contracts of insurance; and/or
|
that are general insurance contracts. | |
Sub-class B2 | General Insurance Intermediation |
Legal basis for activity in sub-class B2 | Any of the following in respect of general insurance contracts: |
agreeing to carry on a regulated activity which is within any of the above.
|
|
Tariff base | Sub-class B1: Relevant net premium income. |
Sub-class B2: annual eligible income where the annual income is calculated in accordance with that for fee-block A19 in part 2 of FEES 4 Annex 1, excluding annual eligible income for pure protection contracts. |
Class C | Life and Pensions |
Sub-class C1 | Life and Pensions Provision |
Legal basis for activity in sub-class C1 |
effecting contracts of insurance; and/or
|
that are long-term insurance contract (including pure protection contracts). | |
Sub-class C2 | Life and Pensions Intermediation |
Legal basis for activity in sub-class C2 | Any of the following: |
agreeing to carry on a regulated activity which is within any of the above;
|
|
in relation to any of the following: | |
long-term insurance contracts (including pure protection contracts);
|
|
rights under a stakeholder pension scheme or a personal pension scheme.
|
|
Tariff base | Sub-class C1: Relevant net premium income |
Sub-class C2: Number of approved persons as at 31 December, calculated on the same basis as corresponding tariff base provisions for fee blocks A12, 13, and A14 in FEES 4 Annex 1 (even if the firm's approved persons are not counted for the purposes of those fee blocks), and multiplied by the firm's estimated proportion of business falling within sub-class C2 provided or deemed as provided in accordance with FEES 6. |
Class D | Investment |
Sub-class D1 | Fund Management |
Legal basis for activity in sub-class D1 | Any of the following: |
agreeing to carry on a regulated activity which is within any of the above.
|
|
Sub-class D2 | Investment Intermediation |
Legal basis for activity in sub-class D2 | Any of the following activities in relation to designated investment business |
agreeing to carry on a regulated activity which is within any of the above;
|
|
BUT excluding activities that relate to long-term insurance contracts or rights under a stakeholder pension scheme or a personal pension scheme. | |
Tariff base | Sub-class D1: net income. Net income is equal to the net amount retained by the firm of all income due to the firm in respect of or in relation to activities falling within sub-class D1. Gross income in respect of activities falling into fee block A9 must be calculated in accordance with the tariff base provisions for that fee block in FEES 4 Annex 1. For the purposes of calculating net income, net amount retained means all the commission, fees, etc. in respect of activities falling within sub-class D1 that the firm has not rebated to customers or passed on to other firms (for example, where there is a commission chain). Items such as general business expenses (for example employees' salaries and overheads) must not be deducted. In any case the calculation excludes any value attributable to activities which are simultaneously activities in sub-class D2 to the extent included there. |
Sub-class D2: Number of approved persons or, for firms in fee block A10, number of traders, as at 31 December, calculated on the same basis as corresponding tariff base provisions for fee blocks A12, A13, A10 and A14 in FEES 4 Annex 1, and multiplied by the firm's estimated proportion of business falling within sub-class D2 (except fee block A10) provided or deemed as provided in accordance with FEES 6. To avoid double-counting, when calculating the number of traders FSCS must deduct the number of approved persons who are also traders attributed to the firm for the purposes of FSA fee block A12, A13 or A14. |
Class E | Home Finance |
Sub-class E1 | Home Finance Provision |
Legal basis for activity in sub-class E1 | Any of the activities below: |
agreeing to carry on a regulated activity which is within any of the above.
|
|
Sub-class E2 | Home Finance Intermediation |
Legal basis for activity in sub-class E2 | Any of the following activities: |
the activities of a home finance provider which would be arranging but for article 28A of the Regulated Activities Order (Arranging contracts or plans to which the arranger is party);
|
|
agreeing to carry on a regulated activity which is within any of the above.
|
|
Tariff base | Sub-class E1: FSA periodic fees |
Sub-class: E2: annual eligible income where the annual income is calculated in accordance with fee-block A18 in part 2 of FEES 4 Annex 1 |
Notes | |
(1) | Any reference in this annex to a specified investment includes a reference to rights to or interests in investments in that specified investment. |
(2) | This paragraph deals with a tariff base calculation for a sub-class based on the calculations for corresponding specified fee blocks where this is not possible because there are no corresponding fee blocks. In this case the calculation is based on whichever of the specified fee blocks FSCS may reasonably choose. |
- 01/04/2009
FEES 6 Annex 4
Guidance on the calculation of tariff bases
- 06/11/2007
See Notes
Calculation of net income for firms who carry out discretionary fund management and are in sub-class D1 | |||
-1.1 | G | The tariff base for sub-class D1 is calculated by taking gross income falling into sub-class D1 and then deducting commission, fees and similar amounts rebated to customers or passed on to other firms (for example, where there is a commission chain). Items such as general business expenses (for example employees' salaries and overheads) should not be deducted. | |
1.1 | G | The calculation of gross income for the purpose of sub-class D1 should be based on the calculation of fees under fee block A9. Gross income for the activity of managing investments is the sum of the following: | |
(1) | the amount of the annual charge on all assets in portfolios which the firm manages on a discretionary basis received or receivable in the latest accounting period (this is calculated as a percentage of funds invested, typically 1% p.a.); plus | ||
(2) | the front-end or exit charge levied on sales or redemptions of assets in portfolios which the firm manages on a discretionary basis (typically 4-5% of sales/redemptions) in that same accounting period; plus | ||
(3) | the amount of performance management fees from the management of assets in portfolios which the firm manages on a discretionary basis received or receivable in that same accounting period; plus | ||
(4) | any other income directly attributable to the management of assets in portfolios which the firm manages on a discretionary basis in that same accounting period, including commission and interest received. | ||
1.2 | G | Net income should exclude | |
income received or receivable from assets managed on a non-discretionary basis, being assets that the firm has a contractual duty to keep under continuous review but in respect of which prior specific consent of the client must be obtained for proposed transactions, as this activity is covered in sub-class D2 (the investment intermediation sub-class). | |||
1.3 | G | A firm should make appropriate arrangements to ensure that income is not double counted in relation to the activities it undertakes (for example, where it operates and manages a personal pension scheme or collective investment scheme). | |
Corresponding fee blocks | |||
2.1 | G | An example of a case covered by Note 2 in FEES 6 Annex 3R (Financial Services Compensation Scheme - classes and sub-classes) is as follows. The tariff base for sub-class C2 (Life and Pensions Intermediation) is based on approved persons, calculated on the same basis as the corresponding tariff base provisions for fee blocks A12, 13, and A14. However firms carrying on business originally falling within fee block A19 (e.g. in relation to pure protection contracts) can also fall into sub-class C2. The note means that FSCS may choose whether the calculation is based on the tariff base applicable to A12, A13, or A14. |
- 01/04/2009
Transitional Provisions and Schedules
FEES TP 1
Transitional Provisions
(1) |
(2)
Material to which the transitional provision applies | (3) |
(4)
Transitional Provision |
(5)
Transitional Provision: dates in force |
(6)
Handbook provision: coming into force | |||
1. | FEES 3.2.7 R(p) | R | A firm does not have to pay a fee if: | 2 October 2006 to 5 April 2007 | 1 June 2006 | |||
(1) | it is seeking only to increase the scope of its permission to include: | |||||||
(a) | establishing, operating or winding up a personal pension scheme; or | |||||||
(b) | (if the firm is in activity group A12 or A13) the designated investments: | |||||||
(i) | personal pension scheme; or | |||||||
(ii) | rights to or interests in a personal pension scheme, and | |||||||
(2) | it was, as at 1 October 2006, carrying on what would become on 6 April 2007: | |||||||
(a) | the regulated activity in (1)(a), or | |||||||
(b) | a regulated activity in relation to the designated investments in (1)(b). | |||||||
2. | FEES 4 Annex 1 R Part 3, Activity group A9 (operators, trustees and depositaries of collective investment schemes) | R | References to gross income received in connection with operating a personal pension scheme or a stakeholder pension scheme include gross income received in connection with operating a personal pension scheme or a stakeholder pension scheme before 6 April 2007, if and to the extent that, if the same activities had been carried out in relation to the same scheme on 6 April 2007 those activities would have amounted to operating a personal pension scheme or a stakeholder pension scheme. | From 6 April 2007 to 30 April 2008 | 6 April 2007 | |||
3. | FEES 4 Annex 1 R Part 3, Activity group A2 | Any reference to the number of home purchase plans and/or home reversion plans must be read as including any home purchase plan or home reversion plan entered into or administered before 6 April 2007, as relevant, which would be a home purchase plan or a home reversion plan if entered into or administered on or after 6 April 2007. | From 6 April 2007 - 30 April 2008 | 6 April 2007 | ||||
4. | FEES 4 Annex 1 R, Activity Group A.2 | Any reference to the number of regulated sale and rent back agreements must be read as including any sale and rent back agreement entered into or administered before 1 July 2009, as relevant, which would be a regulated sale and rent back agreement if entered into or administered on or after 1 July 2009. | 1 July 2009 to 30 June 2010 | 1 July 2009 |
- 01/07/2009
FEES TP 2
Transitional provisions relating to changes to the FSCS levy arrangements taking effect in 2007/8 and in 2008/9
2.1 | Treatment of balances as at 1 April 2008 | |||
2.1.1 | R | FSCS must calculate a levy balance as at 31 March 2008 attributable to each participant firm to which this rule applies (see FEES TP 2.1.19R), in respect of contribution groups in place as at 31 March 2008, in the following way: | ||
(1) | identifying each of the relevant contribution groups to which a participant firm belongs; | |||
(2) | identifying amounts held to the credit of each such contribution group; | |||
(3) | identifying amounts held as a debit balance to each such contribution group; | |||
(4) | calculating the net balance for each contribution group from (2) and (3); | |||
(5) | calculating, in relation to each relevant contribution group, that participant firm's tariff base as a proportion of the total tariff base of all participant firms in the contribution group; | |||
(6) | for each relevant contribution group applying the proportion in (5) to the figure in (4); and | |||
(7) | the balance for the participant firm is calculated by adding together the figure in (6) for each relevant contribution group of which the participant firm is a member. | |||
2.1.2 | R | This rule relates to a claim or other amount that could be the subject of a compensation costs levy or specific costs levy and is otherwise eligible for inclusion in a debit balance for a contribution group under FEES TP 2.1.1R(3). This rule deals with a case where there are insufficient funds standing to the credit of that contribution group's FSCS account to meet the claim. Such a claim may only be included in the debit balance in accordance with the requirements about the amounts that can be levied under compensation costs levies and specific costs levies under FEES 6 in the form FEES 6 was in force on 31 March 2008. | ||
2.1.3 | G | The credit balance referred to in FEES TP 2.1.1R(2) includes: | ||
(1) | funds standing to the credit of the contribution group together with any interest receivable less any tax payable; | |||
(2) | any amounts lent to another contribution group (together with any interest payable on that amount under FEES 6); and | |||
(3) | any amount levied on or before 31 March 2008 but not received by 31 March 2008; | |||
(all such amounts being calculated as at 31 March 2008). | ||||
2.1.4 | G | (1) | The debit balance referred to in FEES TP 2.1.1R(3) includes: | |
(a) | any amounts borrowed by FSCS for the purpose of paying amounts for which a compensation costs levy may be imposed on the contribution group in question together with any interest payable; | |||
(b) | any amounts borrowed from another contribution group (together with any interest payable on that amount under FEES 6); and | |||
(c) | amounts that could be the subject of a compensation costs levy or specific costs levy that FSCS has not yet paid; | |||
(all such amounts being calculated as at 31 March 2008). | ||||
(2) | If FSCS has decided to pay a claim, has decided the amount it will pay and (where applicable) has agreed the payment with the claimant it is eligible for inclusion under (1)(c). So is a claim for which FSCS has sent out a compensation cheque if the cheque has not been cleared by 31 March. A claim that has been made and settled will not be included as it will have already reduced the funds standing to the credit of the relevant contribution group. Claims made but not yet accepted or agreed by 31 March will not be included. | |||
2.1.5 | G | FEES TP 2.1.2R has a further limitation on what claims can be included as a debit for a contribution group under FEES TP 2.1.1R. They may be included if there are sufficient funds standing to the credit of the contribution group. Any excess can also be included but only up to the levy limit for the relevant contribution group. In calculating the amount that FSCS would have been able to levy, FSCS will take into account any levies already made in the financial year beginning on 31 March 2007 (and, if relevant, previous years). The caps for these purposes are the ones in force on 31 March 2008. | ||
2.1.6 | R | (1) | If a participant firm's levy balance calculated under FEES TP 2.1.1R(7) is a debit, it is to be added to the first compensation costs levy or management expenses levy made on or after 1 April 2008 in which the participant firm shares. | |
(2) | If a participant firm's levy balance calculated under FEES TP 2.1.1R(7) is a credit, it is to be refunded as follows: | |||
(a) | by deduction from any compensation costs levy or management expenses levy in which the participant firm shares included in the invoice that includes the FSA's periodical fee referred to in (2)(b); | |||
(b) | (as to any balance) by deduction from any FSA periodical fees payable under FEES 4.3 in respect of the financial year beginning on 1 April 2008 and the general levy payable in respect of the same financial year; and | |||
(c) | (as to any balance) by payment to the participant firm. | |||
2.1.7 | R | Any amount that is added to a participant firm's levy under FEES TP 2.1.6R must not be taken into account for the purpose of calculating whether a levy limit of any sub-class has been exceeded and how much headroom there is between a levy limit and the amount already levied. | ||
2.1.8 | R | If it appears to the FSCS that in the exceptional circumstances of a particular case, refunding a participant firm's credit balance arising under FEES TP 2.1.1R by way of a deduction in accordance with FEES TP 2.1.6R would be inequitable, the FSCS may refund any part of that amount by payment to the participant firm. | ||
2.1.9 | R | FSCS may use the money collected from participant firms prior to 1 April 2008 in order to pay claims or management expenses after 31 March 2008 but only in so far as any such payments are treated as costs to be allocated to sub-classes in existence after 31 March 2008 and do not prejudice the calculation in FEES TP 2.1.1R. | ||
2.1.10 | R | Subject to FEES TP 2.1.16R, FSCS must calculate any levy after 31 March 2008 on the basis that all credit balances referred to in FEES TP 2.1R have been refunded to participant firms and all debit balances referred to in FEES TP 2.1R have been repaid and all management expenses levies made before 1 April 2008 have been spent. | ||
2.1.11 | R | For the purposes of the calculations in FEES TP 2.1R, FSCS may rely on information FSCS relied on in the 2007/8 financial year. | ||
2.1.12 | R | Subject to FEES TP 2.1.16R, if a participant firm provides, or is deemed to provide, incorrect information which is used for the purposes of FEES TP 2.1, then FSCS may take account of any resulting material overpayment or underpayment made under FEES TP 2.1 notified to it. If FSCS does take into account any such overpayment or underpayment it will be dealt with as follows: | ||
(1) | FSCS must repay any such overpayment on or before 30 calendar days after the date when it decides to take such overpayment into account; and | |||
(2) | the participant firm must repay such underpayment on or before 30 calendar days after the date when the invoice for it is issued by FSCS. | |||
2.1.13 | R | FSCS may, in its absolute discretion, refuse requests to recalculate a firm's levy balance calculated under FEES TP 2.1.1R on the basis of information corrected or re-submitted after 31 March 2009. | ||
2.1.14 | R | Any rebate or refund to a participant firm arising out of the recalculation of a participant firm's levy balance carried out in accordance with FEES TP 2.1.12R is to be allocated to the sub-class most closely analogous to the contribution group the firm belonged to before 1 April 2008 or, if applicable, in accordance with FEES TP 2.1.18R. | ||
2.1.15 | R | Any interest, arising between 31 March 2008 and the date that a credit balance is refunded to a participant firm under FEES TP 2.1.6R (including any interest attributable to the use of the funds in accordance with FEES TP 2.1.9R) is to be held for the benefit of the sub-class most closely analogous to the contribution group the firm belonged to before 1 April 2008 or, if applicable, in accordance with FEES TP 2.1.18R. | ||
2.1.16 | R | FEES TP 2.1 does not apply to the extent that it is inconsistent with the provisions of the compensation transitionals order. | ||
2.1.17 | R | If a participant firm fails to pay an amount due with respect to a debit balance under FEES TP 2.1.6R, that default is to be allocated to the sub-class most closely analogous to the contribution group the firm belonged to before 1 April 2008 for which the debit balance arises, or if applicable, in accordance with FEES TP 2.1.18R. | ||
2.1.18 | R | (1) | FEES TP 2.1.18R deals with a situation in which FEES TP 2.1 requires that a rebate, refund, receipt or default be allocated to the sub-class most closely analogous to the contribution group a participant firm belonged to before 1 April 2008 but where it is not possible to do this because the participant firm belonged to more than one relevant contribution group or because the contribution group maps onto more than one sub-class. | |
(2) | That sum will be divided between contribution groups and sub-classes in whatever way FSCS considers fair and consistent with the purpose of FEES TP 2.1. | |||
2.1.19 | R | FEES TP 2.1.1R does not apply to a participant firm that was not a participant firm on 1 April 2007 or that was exempt during FSCS's financial year beginning on that date. Subject to that, FEES TP 2.1.1R applies to a participant firm as at 31 March 2008 that has subsequently ceased to be a participant firm. | ||
2.1.20 | G | The purpose of FEES TP 2.1 is to help to ensure that there is a clean break between periods beginning on or after 1 April 2008 and periods before. The aim is to ensure that debit and credit balances for each contribution group as at 31 March 2008 are discharged and any credit balance in relation to a contribution group is returned to participant firms in that contribution group as at that date. | ||
2.2 | Split of business between life and pensions intermediation and investment intermediation | |||
2.2.1 | R | FEES TP 2.2 deals with the calculation of the tariff base of participant firms in sub-classes C2 (Life and Pensions intermediation) and D2 (Investment intermediation) in relation to the FSCS's financial years beginning on 1 April 2008 and 1 April 2009 (the applicable financial year). | ||
2.2.2 | R | If a participant firm would have fallen within both sub-classes C2 and D2 in the preceding financial year to 31 March it must provide FSCS, by 30 November of the year preceding the applicable financial year (or, if it has become a participant firm part way through the financial year by the date requested by FSCS), with an estimated breakdown of business carried on in its financial year ended in the calendar year ending on the 31 December preceding the applicable financial year which would have fallen within sub-classes C2 and D2. However, the firm must shorten the period covered by that breakdown to the extent necessary to ensure that the period it covers ends no later than one Month before the date by which the firm has to supply it. If the firm does not have a permission covering these activities for the whole of the period covered by the breakdown, it must use the projected valuation (as provided to the FSA in the course of the firm's application) of the business to which the tariff relates. | ||
2.2.3 | R | The breakdown in FEES TP 2.2.2R must show the ratio of business (in terms of income earned) between the two sub-classes, expressed as a percentage and rounded up or down to the nearest ten per cent so that the total figure is one hundred per cent. That percentage is then applied to the amount calculated for sub-classes C2 and D2. | ||
2.2.4 | R | Firms in contribution group A10 in the financial year to 31 March 2008 will be deemed to have an estimated breakdown of business of one hundred per cent in sub-class D2 and zero per cent in sub-class C2, unless otherwise notified to the FSCS by the date for submission in FEES 6.5.13 R. The same applies in relation to the financial year beginning 1 April 2009 in the case of a firm in FSA fee block A10 in the financial year to 31 March 2009. | ||
2.2.4A | G | The deemed allocation of one hundred per cent of business to sub-class D2 and zero per cent in sub-class C2 does not apply to FSA fee blocks A12, A13 or A14. | ||
2.2.5 | R | If a participant firm does not provide the information required in FEES TP 2.2 by the date requested, the firm must pay the administrative fee in FEES 6.5.16 R (1) and FSCS must deem the firm in question to carry on one hundred per cent of its intermediation business in sub-class C2 and one hundred per cent in sub-class D2. | ||
2.2.6 | R | Information supplied under FEES TP 2.2 is treated as part of the information supplied under FEES 6.5.13 R. | ||
2.2.7 | R | If the split of a firm's business between sub-classes C2 and D2 was calculated under FEES TP 2.2 for the FSCS's financial year beginning on 1 April 2008 the same split applies for the financial year beginning on 1 April 2009. But this does not apply: | ||
(a) | if the difference between the split for the two financial years would be equal to or greater than ten; or | |||
(b) | to FEES TP 2.2.4R. | |||
For these purposes the split for a financial year means the amount of the difference (expressed as a number) between the percentage figures for the two sub-classes for that year calculated under FEES TP 2.2.2R. | ||||
2.3 | Incorrect information | |||
2.3.1 | R | If a participant firm provides, or is deemed to provide, information under FEES 6.5.13 R (2) which is incorrect then FSCS may take account of any material overpayment or underpayment notified to it in calculating the firm's share of the next FSCS levy in accordance with FEES 6.3.22 R. Any overpayment or overcharge will not be refunded or reduced in the year of the levy unless it appears to FSCS that in the exceptional circumstances of a particular case, the payment of, or retention by FSCS of, any such FSCS levy would be inequitable. | ||
2.3.2 | R | FEES TP 2.3 applies in relation to information supplied for the purpose of the FSCS's financial year beginning on 1 April 2008. | ||
2.3.3 | R | FEES TP 2.3.1R does not apply in relation to the calculations in FEES TP 2.1. | ||
2.4 | Allocation of recoveries | |||
2.4.1 | R | Any recoveries made by the FSCS after 31 March 2008 in relation to protected claims compensated prior to 1 April 2008, the costs of which were allocated to the relevant contribution group in place at the time, must be credited to the sub-class in place after 31 March 2008 to which the costs of the protected claim would have been allocated had it been compensated after that date, or if relevant, in accordance with FEES 6.3.20 R. | ||
2.4.2 | R | FEES TP 2.4.1R does not apply to the extent that it is inconsistent with the compensation transitionals order. | ||
2.5 | Interpretation | |||
2.5.1 | R | In FEES TP 2 'contribution group' means one of the groups of participant firms within a sub-scheme in existence prior to 1 April 2008 set out in FEES 6.5.7 R at the time, being groups that carried on business of a similar nature, to which compensation costs and specific costs were allocated in accordance with FEES 6.4 and FEES 6.5 in force at the time. Sub-scheme means one of the sub-schemes to which FSCS allocated liabilities for compensation costs prior to 1 April 2008, as described in FEES 6.5.7 R at the time. | ||
2.5.2 | R | For the purpose of FEES 6.5.13 R as it applies with respect to the FSCS's financial year beginning on 1 April 2008: | ||
(1) | references in FEES 6.5.13 R to sub-classes must be read as references to sub-classes to which firms will belong after 31 March 2008; and | |||
(2) | (where FEES TP provides for the tariff base for a sub-class to be calculated by reference to a contribution group prior to that date) FEES 6.5.13 R (1) must be read as also including a requirement for the supply of the necessary information in relation to that contribution group. | |||
2.5.3 | R | The amendments made to FEES 6.5.16 R by the Fees Manual (FSCS Funding) Instrument 2007 only have effect before 1 April 2008 for the purpose of FSCS's financial year beginning on 1 April 2008. | ||
2.5.4 | G | FEES 6 Annex 2 R and FEES 6 Annex 3 R (classes, sub-classes and tariff bases) are brought into force for the purpose of FEES TP and FEES 6.5.13 R in November 2007. However they do not have any other effect until 1 April 2008. | ||
2.6 | Past defaults | |||
2.6.1 | G | The changes made to the levy rules made by the Fees Manual (FSCS Funding) Instrument 2007 apply to any levy made after 31 March 2008. This is so even if: | ||
(1) | the claim against the firm in default arose or relates to circumstances arising before that date; | |||
(2) | the firm was in default before that date; or | |||
(3) | the levy relates to arrangements or measures under COMP 3.3 made or taken before that date. | |||
2.7 | Transitional provisions for changes to relieving provisions | |||
2.7.1 | R | The amendments made in Part 1 of Annex B to the Financial Services Compensation Scheme (Amendment of Tariff Measures and Other Levy Rules) Instrument 2008 to FEES 2.3 and the addition of FEES 6.3.22A R (and consequential changes) (changes to Relieving Provisions) do not apply to any request made by a levy payer before 1 November 2008. | ||
2.8 | Effect of the tariff base changes for the financial year beginning on 1 April 2009 before that date | |||
2.8.1 | R | The amendments made to FEES 6 Annex 3 R (Financial Services Compensation Scheme - classes and sub-classes) and FEES TP 2 by Part 3 of Annex B to the Financial Services Compensation Scheme (Amendment of Tariff Measures and Other Levy Rules) Instrument 2008 have effect before 1 April 2009 for the purpose of the supply of information under FEES 6.5.13 R in relation to the FSCS's financial year beginning on 1 April 2009. | ||
2.8.2 | G | In particular, a firm in sub-classes C2 and D2 should provide the FSCS by 30 November 2008 with the estimated breakdown of business between those two sub-classes required by FEES TP 2.2. |
- 01/04/2009
FEES TP 3
Transitional provisions relating to changes to the FSCS levy arrangements taking effect in 2010/11
3.1 | Effect of the tariff base changes made in 2008 in relation to the financial year 2010/11 before that date | |
3.1.1 | R | The amendments made to FEES 6 and to FEES TP by Part 4 of Annex B to the Financial Services Compensation Scheme (Amendment of Tariff Measures and Other Levy Rules) Instrument 2008 have effect before 1 April 2010 for the purpose of the supply of information under FEES 6.5.13 R in relation to the FSCS's financial year beginning on 1 April 2010. |
- 01/11/2008
FEES TP 4
Transitional provisions relating to information requirements following changes to FEES 4 or 5
4.1 | Effect of changes to FEES 4 or 5 in relation to the supply of information to the FSA | |
4.1.1 | R | This rule applies where any rule, or amendment to a rule, in FEES 4 or FEES 5 ("a FEES rule") has been made but will only come into force in relation to a future financial year of the FSA or Financial Ombudsman Service ("the future year"), as the case may be. |
4.1.2 | R | Unless another rule expressly disapplies this rule, a FEES rule has immediate effect for the supply of information under FEES 4.4 or FEES 5.4 in relation to that future year. |
4.1.3 | R | A reference in this rule to an FSA or Financial Ombudsman Service financial year is a reference to the 12 months ending 31 March. |
- 30/03/2009