FEES 3.1 Introduction

The purpose of this chapter is to set out the FCA fee paying requirements on the persons set out in FEES 1.1.2R (1).

Most of the detail of what fees are payable by the persons referred to in FEES 3.1.3 G is set out in FEES 3 Annex 1AR – FEES 3 Annex 16R.

The fees for funds reflect the estimated costs to the FCA 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.

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.

Fees for applications and notifications under the Payment Services Regulations are set out in FEES 3 Annex 8R . The fee depends on the type of payment services a firm wishes to provide and whether it will be a small payment institution or an authorised payment institution. The fee may also depend on the number of agents it has.

Fees for applications and notifications under the Electronic Money Regulations are set out in FEES 3 Annex 10 R. The fee depends on whether the firm is an authorised electronic money institution or a small electronic money institution.

Application fees for registration under article 8(1) of the MCD Order are set out in FEES 3 Annex 10AR. The fee depends on whether the firm holds an existing Part 4A permission or has previously registered as a CBTL firm and that registration has been revoked under article 13 of the MCD Order.

1. (1)

   Fees for designated credit reference agencies and designated finance platforms are set out at FEES 3 Annex 10B.

2. (2)

   These fees are charged under regulation 21 of the Small and Medium Sized Business (Credit Information) Regulations and regulation 18 of the Small and Medium Sized Business (Finance Platforms) Regulations.

1. (1)

   Application fees for authorisation under regulation 7 of the DRS Regulations, and for operators of trading venues seeking verification of their compliance with Title V of MiFID under regulation 8 of the DRS Regulations and for variation of an authorisation under regulation 12 of the DRS Regulations are set out in the table at FEES 3.2.7R.

2. (2)

   The fee depends on the number of data reporting services for which the firm is making an application.

A potential applicant for Part 4A permission has the opportunity to discuss its proposed application with the FCA before submitting it formally. If an applicant for Part 4A permission does so, the FCA will be able to use that dialogue to make an initial assessment of the fee categorisation and therefore indicate the authorisation fee that should be paid.

Application fees for applications for and variations of Part 4A permission in respect of credit-related regulated activities are also set out in FEES 3 Annex 1AR and FEES 3 Annex 16R.