Part

PROF Professional Firms

Chapter

Fees

Printed on: 12/12/2024

Rulebook at: 01/12/2004

PROF 6

Fees

PROF 6.1

Introduction

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Application

PROF 6.1.1

handbook-rule

This chapter applies as follows:

  1. (1) PROF 6.1 and PROF 6.2 apply to every designated professional body; and
  2. (2) PROF 6.3 applies to every person seeking to become a designated professional body.
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Purpose

PROF 6.1.2

handbook-guidance
The purpose of this chapter is to set out the requirements on designated professional bodies to pay fees which (with other fee requirements in the Handbook) provide the funding for the FSA's functions.
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Background

PROF 6.1.3

handbook-guidance
Most of the detail of the fees payable by designated professional bodies is set out in the tables in PROF 6 Annex 1 RR. The provisions of the Annex will vary from one financial year to another. Accordingly a new annex will come into force, following consultation, for each financial year.
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PROF 6.1.4

handbook-guidance
Fees are set for designated professional bodies on an individual basis. The fee applicable to a designated professional body reflects an estimate of its proportion of the population of exempt professional firms conducting financial services business.
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PROF 6.1.5

handbook-guidance
GEN 3 (FSA Fees: General Provisions) applies to fees required by this chapter and explains how the FSA sets its fees.
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PROF 6.2

Obligation to pay periodic fees

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General

PROF 6.2.1

handbook-rule
A designated professional body must pay to the FSA, in full and without deduction, each periodic fee (or instalment) applicable to it under PROF 6 Annex 1 R for a period during which or part of which the designated professional body is designated.
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Amount

PROF 6.2.2

handbook-rule
The amount of the periodic fee (or an instalment) referred to in PROF 6.2.1 R for a designated professional body is specified in PROF 6 Annex 1 R for the relevant year against the name or description of that body.
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Due date

PROF 6.2.3

handbook-rule
The designated professional body must pay a periodic fee (or any instalment) on or before the due date for payment specified in PROF 6 Annex 1 R for the relevant year against the name or description of that body.
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Payment methods

PROF 6.2.4

handbook-guidance
The FSA does not specify a method of payment for designated professional bodies. However the FSA expects that a designated professional body will generally pay its fee by electronic credit transfer.
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PROF 6.3

Persons seeking to become designated professional bodies

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PROF 6.3.1

handbook-rule
Any person who requests the Treasury to make an order under section 326(1) of the Act (Designation of professional bodies) must pay to the FSA the sum specified in PROF 6 Annex 2 R 30 days after the order is granted.
  • 01/04/2004

PROF 6 Annex 1

Periodic fees payable for the period from 1 April 2004 to 31 March 2005

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handbook-rule
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PROF 6 Annex 2

Fees payable for an order under section 326(1) of the Financial Services and Markets Act 2000

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PROF 6 Annex 2.1

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