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Status: You are viewing the version of the handbook as on 2018-04-30.

FEES App 2.3 Periodic fees imposed under Regulation 27 of the OPBAS Regulations

General

FEES App 2.3.1

1Subject to FEES App 2.3.2, a professional body supervisor must pay to the FCA, in full and without deduction, the periodic fee applicable to it under FEES Appendix 2 Annex 2 for a fee year during which, or part of which, the relevant professional body is included in Schedule 1 to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (“the MLR”).

[Note: Regulation 27 of the OPBAS Regulations]

Calculating the fee in the professional body supervisor’s first year

FEES App 2.3.2

1A professional body supervisor added to Schedule 1 to the MLR during the course of a fee year must pay the fee calculated in accordance with FEES App 2.3.3.

[Note: Regulation 27 of the OPBAS Regulations]

FEES App 2.3.3

1Apply the formula (A+B) x C, where:

  1. (1)

    A = the minimum fee set out in Part 3 of FEES Appendix 2 Annex 2;

  2. (2)

    B = the variable fee due for the full fee year, calculated in accordance with FEES Appendix 2 Annex 2; and

  3. (3)

    C = the number of complete months (inclusive) between the month during which the professional body supervisor was added to Schedule 1 to the MLR and the last month of that fee year ÷ 12.

[Note: Regulation 27 of the OPBAS Regulations]

FEES App 2.3.4
  1. (1)

    1A professional body supervisor which has not been required by FEES App 2.3.8 to submit the actual information set out in FEES Appendix 2 Annex 2 before the commencement of a given fee year must pay a fee based on information calculated in accordance with FEES Appendix 2 Annex 2 as at [tbc] preceding the relevant fee year.

  2. (2)

    The information referred to in (1) is the information provided by the professional body supervisor in the course of its application to be added to the list of professional bodies in Schedule 1 to the MLR.

[Note: Regulation 27 of the OPBAS Regulations]

Time of payment

FEES App 2.3.5

1If a professional body supervisor’s periodic fee for the previous fee year was at least £50,000, it must pay its periodic fee for the current fee year in two instalments as follows:

  1. (1)

    an amount equal to 50% of the periodic fee payable for the previous fee year by:

    1. (a)

      1 April; or

    2. (b)

      if later, within 30 days of the date of the invoice, in the fee year to which that sum relates; and

  2. (2)

    the balance of the periodic fee due for the current fee year by:

    1. (a)

      1 September; or

    2. (b)

      if later, within 30 days of the date of the invoice, in the fee year to which that sum relates.

[Note: Regulation 27 of the OPBAS Regulations]

FEES App 2.3.6

1If a professional body supervisor’s periodic fee for the previous fee year was less than £50,000, it must pay the periodic fee within 30 days of the date of the invoice for the fee year to which that sum relates.

[Note: Regulation 27 of the OPBAS Regulations]

FEES App 2.3.7G

1FEES App 2.3.5 and FEES App 2.3.6 apply in relation to periodic fees payable by a professional body supervisor under this Appendix only. It does not relate to periodic fees payable in a professional body’s capacity as a professional body designated by the Treasury under section 326 of the Financial Services and Markets Act 2000 (Designation of professional bodies) for the purposes of Part XX of that Act (Provision of Financial Services by Members of the Professions).

Information on which fees are calculated

FEES App 2.3.8

1A professional body supervisor must send to the FCA the information required under Part 1 of FEES Appendix 2 Annex 2 (as at the date specified in Part 2 of FEES Appendix 2 Annex 2) on which the periodic fee payable by the professional body supervisor is to be calculated.

[Note: Regulation 27 of the OPBAS Regulations]

FEES App 2.3.9

1A professional body supervisor must send to the FCA in writing the information required under FEES App 2.3.8 as soon as reasonably practicable after the date specified as the review date in FEES Appendix 2 Annex 2, and in any event within two months of that date.

[Note: Regulation 27 of the OPBAS Regulations]

FEES App 2.3.10

1If a professional body supervisor fails to send to the FCA the information required under FEES App 2.3.8 within two months of the review date specified in FEES Appendix 2 Annex 2, the FCA may use the information provided by the professional body supervisor under Regulation 51 and Schedule 4 to the MLR or Regulation 7 of the OPBAS Regulations as the basis for calculating fees payable by the professional body supervisor.

[Note: Regulation 27 of the OPBAS Regulations]

FEES App 2.3.11G

1The FCA will use the information referred to in FEES App 2.3.8 only for the purpose of calculating professional body supervisors’ fees. Therefore, the definition of ‘supervised individuals’ set out in FEES Appendix 2 Annex 2 applies for the purpose of calculating those fees only.