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Status: You are viewing the version of the handbook as on 2009-03-31.

FEES 4 Annex 4 1Periodic fees in relation to collective investment schemes payable for the period 1 April 2008 to 31 March 2009

R

1Part 1 - Periodic fees payable

Scheme type

Basic fee (£)

Total funds/sub-funds aggregate

Fund factor

Fee (£)

ICVC,

AUT,Section 264 of the Act

Section 270 of the Act

6704

24

1-2

3-6

7-15

16-50

>50

1

2.5

5

11

22

6703

1,6753

3,3503

7,3703

14,7403

2323232323

Section 272 of the Act

2,7304

24

1-2

3-6

7-15

16-50

>50

1

2.5

5

11

22

2,7303

6,8253

13,6503

30,0303

60,0603

2323232323

Fees are charged according to the number of funds or sub-funds operated by a firm as at 31 March 2008.3 Where a new collective investment scheme becomes authorised during a year, fees are charged according to the number of funds or sub-fundsoperated by a firm as at the date of authorisation. Where more than one fund or sub-fundis operated the number of funds (not including the umbrellaor parent fund) produces a 'fund factor' in accordance with the table above which is then applied to a basic fee to produce one total fee per operator. Fund factors are applied per operatorrather than per schemeso that the fees relate to the number of funds rather than the number of schemes. This means that, for example, an authorised fund manager of three schemespays the same as an operatoror authorised fund managerof one schemewith three sub-funds(as only the sub-fundsare counted).

Schemes set up under section 264 of the Act are charged according to the number of funds or sub-fundswhich 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 2008/093fees a reference to 31 March means 31 March 2008.3

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