PROF 6.1 Introduction
Application
This chapter applies as follows:
- (1)
PROF 6.1 and PROF 6.2 apply to every designated professional body; and
- (2)
PROF 6.3 applies to every person seeking to become a designated professional body.
Purpose
The purpose of this chapter is to set out the requirements on designated professional bodies to pay fees which (with other fee requirements in the Handbook) provide the funding for the FSA's functions.
Background
Most of the detail of the fees payable by designated professional bodies is set out in the tables in PROF 6 Annex 1 RR. The provisions of the Annex will vary from one financial year to another. Accordingly a new annex will come into force, following consultation, for each financial year.
Fees are set for designated professional bodies on an individual basis. The fee applicable to a designated professional body reflects an estimate of its proportion of the population of exempt professional firms conducting financial services business.