FEES 4 Annex 2A 57711FCA Fee rates and EEA/Treaty firm modifications for the period from 1 April 2017 to 31 March 2018

R

15Part 1

This table shows the tariff rates applicable to each of the fee blocks set out in Part 1 of FEES 4 Annex 1A R.

(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 by multiplying the value of the firm's tariff base by the rate applicable to each tranche of the tariff base, as indicated.

(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 3 of FEES 4 Annex 1A R are disproportionate to the difference in fees payable; and

(b)

it notifies the FCA 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 4.4.2R8 (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; and11

(b)

an additional fee of £250 is payable, unless the firm is a PRA-authorised person in which case an additional fee of £125 is payable instead.11

(c)

[deleted]11

557777

Activity group

Fee payable

A.1

Band width (£2million of Modified Eligible Liabilities (MELs))

Fee (£/£m or part £m2 of MELs)

2

General Periodic fee

>10 - 140

15.4313

2557711

>140 - 630

15.4313

2557711

>630 - 1,580

15.4313

2557711

>1,580 - 13,400

19.2913

2557711

>13,400

25.4613

2557711

The tariff rates in A.1 are not relevant for the permissions relating to operating a dormant account fund. Instead a flat fee of £116,060 13is payable in respect of these permissions

A.2

Band width (No. of mortgages and/or home finance transactions)

Fee (£2/mortgage)

>50

2

2.3013

2557711

A.3

Gross premium income (GPI)

Periodic fee

Band Width ( £2million of GPI)

Fee (£2/m or part m of GPI)

>0.5

2

345.7113

2557711

PLUS

Gross technical liabilities (GTL)

General Periodic fee

Band Width ( £2million of GTL)

Fee (£22m or part £2m of GTL)

>1

2

18.5313

2557711

For UK ISPVs the tariff rates are not relevant and a flat fee of 7£11471 13 is payable in respect of each FCA financial year (the 12 months ending 31 March).

777

A.4

Adjusted annual gross premium income (AGPI)

General Periodic fee

Band Width ( £2million of AGPI)

Fee (£22m or part £2m of AGPI)

>1

2

525.9113

2557711

PLUS

Mathematical reserves (MR)

General Periodic fee

Band Width ( £2million of MR)

Fee (£22m or part £2m of MR)

>1

2

11.0813

2557711

A.5

Band Width ( £2million of Active Capacity (AC))

Fee (£22m or part £2m of AC)

>50

2

7.7013

2557711

A.6

Flat fee (£)2

334,93913

2557711

A.7

For class 1(C), (2) , (3) and (4)6firms:

6

Band Width (£2million of Funds under Management (FuM))

Fee (£22m or part £2m of FuM)

>10

2

6.0913

2557711

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%.2

A.9

Band Width ( £2million of Gross Income (GI))

Fee (£22m or part £2m of GI)

>1

2

1,003.5213

2557711

A.10

Band Width (No. of traders)

Fee (£2/person)

>12

2

5,473.7813

2557711

For firms carrying on auction regulation bidding, the fee in A.10 is calculated as above less 20% for each trader that carries on auction regulation bidding but not MiFID business bidding or dealing in investments as principal.

23 23

A.13

Band Width (£ thousands of annual income (AI))

Fee (£/£ thousand or part £ thousand of AI)

>1002

2

2.75613

2557711

A.14

Band Width (£ thousands of annual income (AI))

Fee (£/£ thousand or part £ thousand of AI)

>1002

2

1.7913

2557711

A.18

Band Width ( £2 thousands of Annual Income (AI))

Fee (£22 thousand or part £2 thousand of AI)

>100

2

12.4413

2557711

A.19

Band Width ( £2 thousands of Annual Income (AI))

Fee (£22 thousand or part £2 thousand of AI)

>100

2

1.75113

2557711

3A.21

Client money

Band Width (£ client money) (CM) held

Fee (£/£ millions or part £ million of CM)

less than £1 million5

5

116.5013

557711

an amount equal to or greater than £1 million but less than or equal to £1 billion

87.3813

557711

more than £1 billion5

5

58.2513

557711

PLUS

Safe custody assets

Band Width (£ safe custody assets) (CA) held

Fee (£/£ millions or part £ million of CA)

less than £10 million5

5

0.4513

5511

an amount equal to or greater than £10 million and less than or equal to £100 billion

0.3413

55

more than £100 billion5

5

0.2313

55

13

2

13

27711

5B. Service Companies

Band Width

Fee (£/£m or part £ thousand of income)12

Annual income up to and including £100,000

1,078.0013

771112

Annual income over £100,00012

1.8013

771112

12

12

7711

12

1137

1177

13

7711
7 711 7

B Benchmark administrators12

Band width12

Fee (£/£m or part £ thousand of income)12

Annual income up to and including £3,000,00012

100,00012

Annual income over £3,000,00012

[tbc]12

12B. Recognised investment exchanges

Band width

Fee (£/£m or part £ thousand of income)

Annual income up to and including £10,000,000

100,000

Annual income over £10,000,000

[tbc]

12B. Recognised auction platforms

53,537.0013

12B. Recognised overseas investment exchanges

61,224.0013

B. MTF operators

As set out in FEES 4 Annex 10 (Periodic fees for MTF operators).

4CC1. Credit-related regulated activities with limited permission

Band Width (£ thousands of annual income (AI))

Fee (£)5

0 - 105

5

10113

55

>10 - 505

5

25313

55

>50 - 1005

5

40413

55

>1005

5

50513

55

5PLUS:

5Fee (£/£ thousand or part £ thousand of AI)

>2505

5

0.405

5

4CC2. Credit-related regulated activities

Band Width (£ thousands of annual income (AI))

Fee (£)

5

0 - 505

5

30313

55

>50 - 1005

5

50513

55

>1005

5

1,01013

55

5PLUS:

5Fee (£/£ thousand or part £ thousand of AI)

>2505

5

1.3011

55

Part 2

The tables below show 9the tariff rates (minimum fees) applicable to each of the fee blocks set out in Part 2 of FEES 4 Annex 1A R.

9Part 2(a) shows the tariff rates (minimum fees) payable to the FCA by FCA-authorised persons and Part 2(b) shows the tariff rates (minimum fees) payable to the FCA by PRA-authorised persons.

[Note: PRA-authorised persons will also pay minimum fees to the PRA as set out in Chapter 3 of the Fees Part of the PRA Rulebook.]

9Part 2(a) tariff rates (minimum fees) payable to the FCA by FCA-authorised persons

A.0

(1)

£111,095 13unless it is a community finance organisation with a tariff base of:11

22779

11(a)

up to and including 3 mortgages and/or home finance transactions, in which case a minimum fee of £168 13is payable; or

11(b)

more than 3 but no more than 10 mortgages and/or home finance transactions, in which case a minimum fee of £568 13is payable; or

2277

11(c)

more than 10 but no more than 50 mortgages and/or home finance transactions, in which case a minimum fee of £1,052 13is payable.

277
2277

(2)

2277

[deleted]9

332277

(3)

[deleted]9

[deleted]9

2

(4)

[deleted]9

2

AP.0

Periodic fees payable under fee blocks A.2, A.7 to A.19 and A. 21 5in 2 Part 1 multiplied by rate £0.111 13

257711

9Part 2(b) tariff rates (minimum fees) payable to the FCA by PRA-authorised persons

A.0

(1)

£547 13unless:

(a)

It is a credit union that meets the conditions in (2), in which case the minimum fee payable is as set out in (2);

(b)

it is a non-directive friendly society that falls into the A.3 activity group but not the A.4 activity group and meets the conditions set out in (3)(a), in which case the minimum fee payable is £235; 13or

(c)

it is a non-directive friendly society that falls into the A.4 activity group but not the A.3 activity group and meets the conditions in (3)(b), in which case the minimum fee payable is £235; 13or

(d)

it is a non-directive friendly society that falls into the A.3 and A.4 activity groups and meets the conditions in (3)(a) and (3)(b), in which case the minimum fee payable is £23513.

(2)

The conditions referred to in (1)(a) are that the credit union has a tariff base (Modified Eligible Liabilities) of:

(a)

0 to 0.5million, in which case a minimum fee of £87 13is payable; or

(b)

greater than 0.5millon but less than 2.0million, in which case a minimum fee of £295 13is payable.

(3)

The conditions referred to in (1) are that:

(a)

the non-directive friendly society falls into the A.3 activity group and has, for that activity, 0.5 million or less in gross premium income and holds gross technical liabilities of 1.0 million or less;

(b)

the non-directive friendly society falls into the A.4 activity group and has, for that activity, written 1.0 million or less in adjusted gross premium income and holds mathematical reserves of 1.0 million or less.

The figures for gross premium income, gross technical liabilities, adjusted gross premium income and mathematical reserves are the same as used for Part 1 of this Annex.

Part 3

This table shows the modifications to fee tariffs that apply in respect of the FCA 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

A.1

10%2

2

A.3

10%2

2

A.4

10%2

2

A.7

10%2

2

A.9

10%2

2

A.10

In relation to each trader that carries on auction regulation bidding but not MiFID business bidding or dealing in investments as principal, 100%.

In relation to all other traders, 10%2.

2

A.13

10%2

2

10A.18

10%

A.19

50%2

2

B. MTF operators

Not applicable

AP.0

100%

Note 1

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.

Note 2

The FCA minimum fee described in Part 2 of FEES 4 Annex 2A R applies in full and the modifications in this Part do not apply to it.