FCA Handbook - FEES App 1 Unauthorised Mutuals Registration Fees Rules

You are viewing FEES App 1 Unauthorised Mutuals Registration Fees Rules as of . FEES App 1 Unauthorised Mutuals Registration Fees Rules was last updated on 01/04/2024.

Guidance

Rules

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FEES App 1.1 Introduction

Application

These rules apply to every:

(1)
registered society;
(2)
sponsoring body;
(3)
person who submits a proposal for the registration of a registered society.

(1)
The purpose of these rules is to set out the requirements for registered societies and sponsoring bodies to pay application fees.
(2)
This set of rules is in respect of the registration functions relating to registered societies transferred to the FCA by section 50 of the Financial Services Act 2012, other than friendly societies authorised under section 31 of the Act.

Background

FEES App 1 Annex 2 to these rules contains further information on the fees applicable to registered societies under these rules.

The application fee payable to register a new society is a tiered fee: the amount payable for registration of a new society is dependent on whether the rules are based on a free draft or on model rules. Further, where model rules are used in the case of the registration of a new society other than a credit union, then the number of amendments made to the model rules will affect the fee. The application fee payable by a sponsoring body for a new set of model rules is a flat fee.

In these rules:

(1)
an “R” in the margin or heading indicates that the provision is a rule, which creates binding obligations;
(2)
a “G” in the margin or heading indicates that the provision is guidance, which is designed to throw light on a particular aspect of these rules, but which is not binding nor an exhaustive description of a person's obligations.

Glossary of definitions

In these rules, an expression in italics has the meaning given in Annex 4R.

FEES App 1.2 Periodic Fees

Amending model rules

If a sponsoring body wishes to change a set of model rules, it should supply a copy to the FCA indicating the proposed changes. No application fee is payable for such changes.

FEES App 1.3 Application Fees

General

A person who submits to the FCA a proposal for the registration of a society must pay to the FCA, in full and without deduction, the fee specified for the type of application under Annex 1AR.

A sponsoring body wishing a set of rules to become model rules for the first time must pay to the FCA, in full and without deduction, the application fee specified in FEES App 1 Annex 1A.

Method of payment

Application fees must be paid by a method specified in FEES 2.1.12R unless FEES 2.1.13R applies.

Due dates

A person making an application or submitting a proposal for the registration of a society must pay the application fee on, or before, making the application.

A sponsoring body must pay the application fee for a new set of model rules on or before making the application.

The FCA may require the fee to be paid by the person making the application before the FCA undertakes any preliminary consideration of the proposed application or rules.

Refunds

The FCA will not refund application fees under any circumstances.

Paragraph 1.3.7G applies also in the case of applications that are not proceeded with where a fee has been paid in advance.

FEES App 1 Annex 1A Application Fees payable

Part 1 Application fees payable to register a new society other than a credit union

Transaction	Amount payable (£)
Application using model rules without any amendment to the model	40
Application using model rules with between 1 and 6 amendments to the model	120
Application using model rules with between 7 and 10 amendments to the model	350
Application using model rules with 11 or more amendments to the model, or using free draft rules	950

Part 2 Application fees payable by sponsoring bodies

This fee is not payable by sponsoring bodies in respect of the model rules of credit unions.

Transaction	Amount payable (£)
Application for a new set of model rules	950

Part 3 [deleted]

FEES App 1 Annex 1 Periodic fees payable for the period 1 April 2018 to 31 March 2019 [deleted]

FEES App 1 Annex 2 Further information on fees

	Purpose
1	The purpose of this annex is to set out further information on fees applicable to registered societies.

2	[deleted]
3	[deleted]
4	[deleted]







(5)	[deleted]
	Recovery of fees
(6)	Paragraph 23(8) of Schedule 1ZA to the Act permits the FCA to recover fees as a debt owed to the FCA and the FCA will consider court action for recovery through the civil courts.

FEES App 1 Annex 4 Glossary of definitions

In these rules, an expression in italics has the meaning given below:

Expression	Definition
Act	The Financial Services and Markets Act 2000.
amendment to model rules	(In Annex 1R) any number of changes to a single numbered rule and its sub-clauses (however described) represents a single amendment to model rules; the provision of information in respect of a name, an address, or a number, or any text which is added to a model rule in a space specifically provided in the model rule for the addition of such text, will not be regarded as an amendment to model rules.
annual return	The annual return required to be submitted to the FCA under s.43 of the Friendly Societies Act 1974 or s.39 of the Industrial and Provident Societies Act 1965.
business day	In rule 1.2.8R, any day which is not a Saturday or a Sunday, Christmas Day, Good Friday or a bank holiday in that part of the United Kingdom in which the registered society has its registered office.
day	A period of 24 hours beginning at midnight.
FCA	The Financial Conduct Authority.
model rules	A set of rules:
	(a)	which a sponsoring body has provided to the FCA;
	(b)	in relation to which the sponsoring body has paid all relevant fees due under these rules; and
	(c)	which complies with the provisions of the Industrial and Provident Societies Acts 1965 and 1967, the Friendly and Industrial and Provident Societies Act 1968 and the Friendly Societies Acts 1974 and 1992, as appropriate; or
	(d)	the Credit Unions Act 1979;
	(a list of model rules which satisfy (a) and (b) and, in the FCA's view, satisfy (c), is available from the Mutual Societies Registration department at the FCA).
person	(In accordance with the Interpretation Act 1978) any person, natural or legal, including a body of persons corporate or unincorporated.
registered society	A society registered under the Industrial & Provident Societies Acts, the Credit Unions Act 1979, the Superannuation and Other Trust Funds (Validation) Act 1927, or the Friendly Societies Act 1974; which is not authorised for the purposes of section 31 of the Act.
sponsoring body	A body which publishes, or which proposes to publish, model rules for registered societies.
total assets	The figure shown in the annual return against the heading ‘Total Assets’ or, where there is no such heading, the value of the gross assets shown in the balance sheet of the firm.

FEES App 1 Annex 5 Personal inspection

1	R	Any person may attend the FCA offices to inspect any document or documents from the Mutuals Register, upon appointment and payment of the relevant fee.
2	R	The relevant fee for personal inspection is the hourly rate for an Associate, as set down in FEES 3 Annex 9(11)R. The full hourly rate is payable for each hour or part-hour of the visit.