Related provisions for FEES 3.1.3
1 - 20 of 57 items.
If a direct payment service provider2 does not pay the total amount of its PSR fees before the end of the date on which it is due, it must pay to the FCA2: (1) an administrative fee of £250; plus(2) interest on any unpaid part of the fee at an annual rate of 5% above the Official Bank Rate from time to time in force, accruing daily from the date on which the amount concerned became due.
A person in column (1) of the table in FEES 3.2.7 R37 as the relevant fee payer for a particular activity must pay to the FCA (in its own capacity or, if the fee is payable to the PRA, in its capacity as collection agent for the PRA)57 a fee for each application or request for vetting, or request for support relating to compatibility of its systems with 37FCA systems,7 or admission approval made, or notification or notice of exercise of a Treaty right given, or other matter
38A person must pay the fee in Categories A5 and A6 of FEES 3 Annex 12R for the first submission of a document to the FCA for approval or review in relation to a significant transaction or super transaction. As an exception to FEES 3.2.1R, after that fee is paid, Categories A1 to A4 of FEES 3 Annex 12R specify the fees a person must pay for any further documents submitted for approval or review in relation to the same transaction.
23If FEES 3.2.3AR (1)(a) applies to a fee payer, that fee payer would be expected to notify the FCA of these circumstances in advance of making its payment (and, in any event, no less than 7 days before the date on which the application for a Part 4A permission or the variation of a Part 4A permission is made) unless such notification is impossible in the circumstances, eg, there is a sudden technological failure.
(1) (a) 37The appropriate authorisation or registration 8fee is an integral part of an application for, or an application for a variation of, a Part 4A permission,24 authorisation, registration or variation under the Payment Services Regulations or the Electronic Money Regulations, registration under article 8(1) of the MCD Order59or notification or registration under the AIFMD UK regulation24.16248(b) 37 Any application or notification24 received by the37FCA without the accompanying
Table of application, notification, vetting and other fees payable to the FCA3231Part 1: Application, notification and vetting fees3131(1) Fee payer(2) Fee payable (£)37Due date(a) Any applicant for Part 4A permission (including an incoming firm applying for top-up permission) whose fee is not payable pursuant to sub- paragraph (ga) of this table26(1) Unless (2) or (3) 59applies, in1 respect of a particular application, the highest of the tariffs set out in FEES 3 Annex 1 part
A firm (other than the Society) must send to the FCA (in its own capacity and, if applicable, in its capacity as collection agent for the PRA)12 in writing the information required under FEES 4.4.1 R as soon as reasonably practicable, and in any event within two months, after the date specified as the valuation date in Part 5 of FEES 4 Annex 1AR in relation of fees payable to the FCA6 (or FEES 4.2.7B R where applicable).2121212
(1) The following enable the FCA to charge fees to cover its costs and expenses in carrying out its functions:13(a) paragraph 23 of Schedule 1ZA of the Act;13(b) regulation 92 of the Payment Services Regulations;13(c) regulation 59 of the Electronic Money Regulations;13(d) article 25(a) of the MCD Order; and13(e) regulation 21 of the Small and Medium Sized Businesses (Credit Information) Regulations. 13(2) The corresponding provisions for the FSCS levy, FOS levies, and CFEB levies
3Regulation 92 of the Payment Services Regulations and regulation 59 of the Electronic Money Regulations each provide7 that the functions of the FCA16 under the respective7 regulations are treated for the purposes of paragraph 23 of Schedule 1ZA16 to the Act as functions conferred on the FCA16 under the Act. Paragraph 23(7) 20 however, has not been included 20.7This is 20the FCA's167 obligation to ensure that the amount of penalties received or expected to be received are not
(1) 13The FCA also has a fee-raising power as a result of: regulation 21 of the Small and Medium Sized Businesses (Credit Information) Regulations.(2) The FCA’s functions under these regulations are treated as functions conferred on the FCA under the Act for the purposes of its fee-raising power in paragraph 23 of Schedule 1ZA to the Act.
The FCA’s12fees payable will vary from one fee year16 to another, and will reflect the FCA’s12funding requirement for that period and the other key components, as described in FEES 2.1.7G. Periodic fees, which will normally be payable on an annual basis, will provide the majority of the funding required to enable the FCA12to undertake its statutory functions.16161616161616
The key components of the FCA12fee mechanism (excluding the FSCS5levy, the FOS5 levy and case fees, and the CFEB levy5which are dealt with in FEES 5,5FEES 6 and FEES 7)5 are:555(1) a funding requirement derived from:(a) the FCA’s12financial management and reporting framework;(b) the FCA’s12budget; and(c) adjustments for audited variances between budgeted and actual expenditure in the previous accounting year, and reserves movements (in accordance with the FCA’s12reserves policy);(2)
16PRA-authorised persons and persons seeking to become PRA-authorised persons should note that the FCA and the PRA have agreed for the FCA to act as the PRA's collection 12agent for 12PRA fees. Where applicable, both PRA and FCA fees should be paid as a single payment to the FCA, which will receive the payment in its own capacity in respect of FCA fees and in its capacity as collection 12agent for the PRA in respect of the PRA fees. References to this arrangement will be referred
50A recognised body may also have obligations to pay fees to the FCA under other rules arising from legislation other than the Act. For example a recognised body may have an obligation to pay a fee as an approved operator of a relevant system under the Uncertificated Securities Regulations 1995 (SI 1995/3272).
The FCA34 will not refund periodic fees if, after the start of the period to which they relate:(1) a fee payer ceases to have the status set out in column (1) of the table in FEES 4.2.11 R34; or51(2) a firm reduces its permission or payment services activities 9so that it then falls out of the fee-block previously applied to it;99(but see FEES 2.3 (Relieving Provisions) and FEES 4.3.13 R (Firms Applying to Cancel or Vary Permission Before Start of Period)).
A person need not pay a periodic fee on the date on which it is due under the relevant provision in FEES 4.2.1 R, if:(1) that date falls during a period during which circumstances of the sort set out in GEN 1.3.2 R (Emergencies) exist, and that person has reasonable grounds to believe that those circumstances impair its ability to pay the fee, in which case he must pay it on or before the fifth business day after the end of that period; or(2) unless FEES 4.3.6R (3), 9FEES 4.3.6R
Table of periodic fees payable to the FCA51511 Fee payer2 Fee payable3 Due date4 Events occurring during the period leading to modified periodic feeAny firm (except an AIFM qualifier,25ICVC or a UCITS qualifier)As specified in FEES 4.3.1 R in relation to FEES 4 Annex 2AR and FEES 4 Annex 11 R51(1) Unless (2) or (3) apply7, on or before the relevant dates specified in FEES 4.3.6 R.12(2) Unless (3) applies, if 7an event specified in column 4 occurs during the course of a fee year,50
The periodic fee referred to in FEES 4.3.1 R is (except in relation to the Society,10fee-paying payment service providers and fee-paying electronic money issuers)107 calculated as follows:(1) identify each of the tariffs set out in Part 1 of FEES 4 Annex 2AR1723 which apply to the business of the firm for the period specified in that annex;23(2) for each of the applicable23 tariffs, calculate the sum payable in relation to the business of the firm for that period;239(3) add together
A firm which is a member of a group may pay all of the amounts due from other firms in the same group under FEES 4.2.1 R, if:(1) it notifies the FCA (in its own capacity and, if applicable, in its capacity as collection 17agent for the PRA)22 in writing of the name of each other firm within the group for which it will pay; and22(2) it pays the fees, in accordance with this chapter, as a single amount as if that were the amount required from the firm under FEES 4.2.1 R.
If the payment made does not satisfy in full the periodic fees payable by all of the members of the group notified to the FCA22 under FEES 4.3.7 R, the FCA (in its own capacity and, if applicable, in its capacity as collection 17agent for the PRA)22 will apply the sum received among the firms which have been identified in the notification given under FEES 4.3.7R (1) in proportion to the amounts due from them. Each firm will remain responsible for the payment of the outstanding
If a firm pays its fees through an agent outside the scope of FEES 4.3.7 R, the firm is responsible for ensuring that the FCA (in its own capacity and, if applicable, in its capacity as collection 17agent for the PRA)22 is informed that the sum being paid is for that firm's periodic fees.22
If a registered society fails to file an R by the date it is required to be filed:(1) the R used to determine the amount of the periodic fee payable by the registered society will be that shown in the R last filed with the FCA or its predecessor; and(2) the registered society must pay an administrative fee equal to the lower of the periodic fee payable by the registered society under Annex 1R for that year, and £250.
If a registered society ceases to be a registered society on or after 1 April in a particular financial year, but before an invoice for the periodic fee payable under 1.2.1 R for the financial year in which the society ceases to be a registered society has been issued by the FCA, the periodic fee payable by that registered society under 1.2.1 R is the amount of the periodic fee under Annex 1R for the immediately preceding financial year.
A registered society need not pay a periodic fee on the date which it is due under the relevant provision in these rules, if:(1) that date falls during a period during which circumstances of the sort set out in R(Emergencies) exist, and that registered society has reasonable grounds to believe that those circumstances impair its ability to pay the fee, in which case it must pay on or before the fifth business day after the end of that period; or(2) that date would otherwise
The FCA expects to issue invoices for periodic fees at least 30 days before the date on which they fall due. Accordingly, it will generally be the case that a registered society will have at least 30 days from the issue of the invoice before an administrative fee becomes payable, and at least 45 days before any interest becomes payable.
15The fees for funds8 reflect the estimated costs to the FCA of assessing applications and notifications. The level of fees payable in respect of an application or a notification will vary depending upon the provision of the Act under which it is made. This fee is adjusted when the scheme concerned is an umbrella.8
Applications for Part 4A permission (and exercises of Treaty rights) other than in respect of credit-related regulated activities7 are categorised by the 9FCA for the purpose of fee raising as straightforward, moderately complex and complex7 as identified in FEES 3 Annex 1. This differentiation is based on the permitted activities sought and does not reflect the 9FCA's risk assessment of the applicant (or Treaty firm).979
A potential applicant for Part 4A permission15 (or Treaty firm) has the opportunity to discuss its proposed application (or exercise of Treaty rights) with the 9FCA before submitting it formally.2 If an applicant for Part 4A permission15 (or Treaty firm) does so, the 9FCA will be able to use that dialogue to make an initial assessment of the fee categorisation and therefore indicate the authorisation fee that should be paid. 151515922151515159
Application fees for applications for and variations of Part 4A permission in respect of credit-related regulated activities are also set out in FEES 3 Annex 1F. Applications for Part 4A permission in respect of credit-related regulated activities are categorised by the 9FCA for the purposes of fee raising as straightforward, moderately complex and complex as identified in FEES 3 Annex 1, unless the application is for a limited permission.799[Note: PRA-authorised persons may also
If it appears to the FCA5 or48 the FSCS (in relation to any FSCS levy only) 2 that in the exceptional circumstances of a particular case, the payment of any fee, FSCS levy2,3FOS levy or CFEB levy3would be inequitable, the FCA5 or48 the FSCS2 as relevant, may (unless FEES 2.3.2B R applies)1 reduce or remit all or part of the fee or levy in question which would otherwise be payable. 4834848348
If it appears to the FCA5 or48 the FSCS (in relation to any FSCS levy only)2 that in the exceptional circumstances of a particular case to which FEES 2.3.1R does not apply, the retention by the FCA5 the FSCS,2 or the CFEB3, as relevant, of a fee, FSCS levy2,3FOS levy or CFEB levy3which has been paid would be inequitable, the FCA5 the FSCS2 or the CFEB3, may (unless FEES 2.3.2B R applies)1 refund all or part of that fee or levy.48348348348
1The FCA5or the FSCS2may not consider a claim under FEES 2.3.1 R and/or FEES 2.3.2 R to reduce, remit or refund any overpaid amounts paid by a fee or levy2 payer in respect of a particular period, due to a mistake of fact or law by the fee or levy2 payer, if the claim is made by the fee or levy2 payer more than 2 years after the beginning of the period to which the overpayment relates.
The FCA20, (for FCA and PRA20periodic fees, FOS and FSCS levies and CFEB levies), expects11 to issue invoices at least 30 days before the date on which the relevant amounts fall due. Accordingly it will generally be the case that a person will have at least 30 days from the issue of the invoice before an administrative fee becomes payable.206721117212
(1) Paragraph15 23(8) of Schedule 1ZA of the Act permits the FCA to recover fees (including fees relating to payment services, the issuance of electronic money, fees relating to CBTL firms, designated credit reference agencies and, where relevant, FOS levies and CFEB levies).14(2) Section 213(6) of the Act permits the FSCS to recover shares of the FSCS levy payable, as a debt owed to the FCA and FSCS respectively. 14(3) The FCA and FSCS, as relevant, will consider taking action
In addition, the FCA13may be entitled to take regulatory action in relation to the non-payment of fees,6FOS levies and CFEB levies. The FCA136 may also take regulatory action in relation to the non-payment of a721 share of the FSCS levy, after reference of the matter to the6FCA13 by the6FSCS. What action (if any) that is taken by the FCA13will be decided upon in the light of the particular circumstances of the case.667216721721
(1) Paragraph 9 of Schedule 4 of FSBRA and the 2015 Interchange Regulations applying FSBRA in a modified form allow3 the FCA to make rules requiring participants2 in regulated payment systems to pay the FCA specified amounts or amounts calculated in a specified way to:(a) meet the relevant costs referred to in (2) below; and (b) enable the PSR to maintain adequate reserves.(1A) The specified amount or amounts calculated in a specific way in (1) are PSR fees which are levied for
The CFEB levy is calculated as follows:(1) identify each of the activity groups set out in Part 1 of FEES 7 Annex 1 that apply to the business of the firm for the relevant period (for this purpose, the activity groups are defined in accordance with Part 1 of and the activity groups under are defined in accordance with Part 1 of that Annex);FEES 4 Annex 1A);66(2) for each of those activity groups, calculate the amount payable in the way set out in FEES 7.2.3 R;(3) add the amounts
For the purposes of FEES 7.2.3 R:(1) a firm may apply the relevant tariff bases and rates to its 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'sUK business separately from its non-UK business in the way described in Part 3 of FEES 4 Annex 1A6 and Part 1 of FEES 4 Annex 111 are disproportionate to the difference in fees payable; and (b) it notifies the FCA in writing at the same time as it provides
Table of rules in FEES 4that also apply to FEES 7 to the extent that in FEES 4 they apply to fees payable to the FCA6FEES 4 rules incorporated into FEES 7DescriptionFEES 4.2.4 RMethod of paymentFEES 4.2.7B RCalculation of periodic fee and tariff base for a firm's second financial yearFEES 4.2.8 RHow FEES 4.2.7 R applies in relation to an incoming EEA firm or an incoming Treaty firmFEES 4.2.10 RExtension of time FEES 4.2.11 R (first entry only)Due date and changes in permission
1The Referral Fees Regulations give the FCA investigation and sanctioning powers in relation to the contravention of the rules against referral fees contained in sections 56 to 60 of the Legal Aid, Sentencing and Punishment of Offenders Act 2012 (the LASPO Act), as well as the contravention of requirements imposed by, or under, the Referral Fees Regulations.
If a firm ceases to be a participant firm or carry out activities within one or more classes54 part way through a financial year4 of the compensation scheme:4(1) it will remain liable for any unpaid levies which the FSCS has already made on the firm; and41(2) the FSCS may make one or more levies4 upon it (which may be before or after the firm5 has ceased to be a participant firm or carry out activities within one or more classes5,4 but must be before it ceases to be an authorised
(1) 5If a firm does not submit a complete report by the date on which it is due, in accordance with DISP 1.10.5 R, the firm must pay an administrative fee of £250.10(2) The administrative fee in (1) does not apply if the firm has notified the FCA of a systems failure in accordance with DISP 1.10.6 R.10
2The applicable data items referred to in SUP 16.12.4 R are set out according to type of firm in the table below:45Description ofData itemFirms' prudential category and applicable data item (note 1)IFPRUBIPRU firmExempt CAD firmssubject toIPRU(INV)Chapter 13Firms(other thanexempt CAD firms) subject toIPRU(INV)Chapter 13Firmsthat are also in one or more ofRAGs1 to 6 and not subject toIPRU(INV)Chapter 13Solvency statementNo standard format (note 11)Balance SheetFSA001/FINREP (Notes
2The applicable data items, reporting frequencies and submission deadlines referred to in SUP 16.12.4 R are set out in the table below. Reporting frequencies are calculated from a firm'saccounting reference date, unless indicated otherwise. The due dates are the last day of the periods given in the table below following the relevant reporting frequency period.Description of data item11Data item11 (note 1)FrequencySubmission deadlineAnnual regulated business revenue up to and including