FEES 1
Fees Manual
FEES 1.1
Application and Purpose
- 01/01/2006
FEES 1.1.1-A
See Notes
- 03/07/2015
Application
FEES 1.1.2
See Notes
each as defined in FEES Appendix 1.
The application statement at FEES 1.1.2R (3) does not apply to FEES 5.5A, FEES 5 Annex 2R or FEES 5 Annex 3R.
- 03/07/2015
- Past version of FEES 1.1.2 before 03/07/2015
FEES 1.1.3A
See Notes
- 01/04/2013
Purpose
FEES 1.1.4
See Notes
- 01/04/2013
- Past version of FEES 1.1.4 before 01/04/2013
FEES 2
General Provisions
FEES 2.1
Introduction
- 01/01/2006
Application
FEES 2.1.1-A
See Notes
- 03/07/2015
FEES 2.1.2
See Notes
- 01/04/2013
- Past version of FEES 2.1.2 before 01/04/2013
FEES 2.1.3
See Notes
- 01/04/2013
- Past version of FEES 2.1.3 before 01/04/2013
Purpose
FEES 2.1.4A
See Notes
- 03/07/2015
FEES 2.1.5-A
See Notes
FEES 2.1.6
See Notes
- 01/04/2013
- Past version of FEES 2.1.6 before 01/04/2013
FEES 2.1.7A
See Notes
- 03/07/2015
FEES 2.1.8
See Notes
- 01/04/2013
- Past version of FEES 2.1.8 before 01/04/2013
FEES 2.1.9
See Notes
- 01/04/2013
- Past version of FEES 2.1.9 before 01/04/2013
FEES 2.1.9A
See Notes
- 01/04/2013
FEES 2.2
Late Payments and Recovery of Unpaid Fees
- 01/01/2006
Late Payments
FEES 2.2.1A
See Notes
- 03/07/2015
FEES 2.2.2
See Notes
- 04/10/2013
- Past version of FEES 2.2.2 before 04/10/2013
Recovery of Fees
FEES 2.2.3A
See Notes
- 03/07/2015
FEES 2.2.4A
See Notes
- 03/07/2015
FEES 2.3
Relieving Provisions
- 01/01/2006
Remission of Fees and levies
FEES 2.3.1A
See Notes
- 03/07/2015
FEES 2.3.2-A
See Notes
- 03/07/2015
FEES 2.3.2A
See Notes
FEES 2.3.2C
See Notes
- 03/07/2015
FEES 2.4
VAT
- 01/04/2009
FEES 2.4.1
See Notes
- 01/04/2013
- Past version of FEES 2.4.1 before 01/04/2013
FEES 3
Application, Notification and Vetting Fees
FEES 3.1
Introduction
- 01/01/2006
Application
FEES 3.1.1
See Notes
- 01/04/2013
- Past version of FEES 3.1.1 before 01/04/2013
FEES 3.1.2
See Notes
- 01/04/2013
- Past version of FEES 3.1.2 before 01/04/2013
Purpose
FEES 3.1.3
See Notes
- 01/04/2013
- Past version of FEES 3.1.3 before 01/04/2013
FEES 3.1.4
See Notes
- 01/04/2013
- Past version of FEES 3.1.4 before 01/04/2013
FEES 3.1.5
See Notes
- 01/04/2013
- Past version of FEES 3.1.5 before 01/04/2013
FEES 3.1.6
See Notes
- 01/04/2014
- Past version of FEES 3.1.6 before 01/04/2014
FEES 3.1.7
See Notes
- 01/04/2013
- Past version of FEES 3.1.7 before 01/04/2013
FEES 3.1.8A
See Notes
- 01/04/2014
FEES 3.2
Obligation to pay fees
- 01/01/2006
General
FEES 3.2.1
See Notes
- 01/04/2013
- Past version of FEES 3.2.1 before 01/04/2013
FEES 3.2.2
See Notes
- 01/04/2013
- Past version of FEES 3.2.2 before 01/04/2013
Method of payment
FEES 3.2.3
See Notes
- 01/04/2014
- Past version of FEES 3.2.3 before 01/04/2014
FEES 3.2.3A
See Notes
- 01/04/2014
FEES 3.2.3B
See Notes
- 01/04/2014
FEES 3.2.5
See Notes
- 23/07/2013
- Past version of FEES 3.2.5 before 23/07/2013
FEES 3.2.6
See Notes
- 01/04/2013
- Past version of FEES 3.2.6 before 01/04/2013
FEES 3.2.7A
See Notes
Table of application, notification and vetting fees payable to the PRA
(1) Fee payer | (2) Fee payable | Due date |
(a) Any applicant for Part 4A permission (including an incoming firm applying for top-up permission) which includes a PRA-regulated activity | (1) Unless (2) applies, in respect of a particular application, the highest of the tariffs set out in FEES 3 Annex 1 R part 1 which apply to that application. (2) In respect of a particular application which is: (i) a straightforward or moderately complex case for the purposes of FEES 3 Annex 1 R part 1, and (ii) only involves a simple change of legal status as set out in FEES 3 Annex 1 part 6, the fee payable is 50% of the tariff that would otherwise be payable in FEES 3 Annex 1 part 1. |
On or before the application is made |
(aa) A person who makes an application under section 24A of the Consumer Credit Act 1974 which meets the conditions of article 31 (Applications for a standard licence where no determination made before 1 April 2014) of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2013 (the "relevant application") | As (a) above less any amount paid to the Office of Fair Trading in relation to the relevant application. | Within 30 days of the date of the invoice. |
(b) Any Treaty firm that wishes to exercise a Treaty right to qualify for authorisation under Schedule 4 to the Act (Treaty rights) in respect of regulated activities for which it does not have an EEA right, except for a firm providing cross border services only | (1) Where no certificate has been issued under paragraph 3(4) of Schedule 4 to the Act the fee payable is, in respect of a particular exercise, set out in FEES 3 Annex 1 R, part 4. (2) Where a certificate in (1) has been issued no fee is payable. | On or before the notice of exercise is given |
(c) A firm applying for a variation of its Part 4A permission or an FCA-authorised person applying to carry on a PRA-regulated activity | (1) Unless (2), (2A), (3), (3A) or (3B) applies, if the proposed new business of the firm would fall within one or more activity groups specified in Part 1 of FEES 4 Annex 1A or Part 1 of FEES 4 Annex 1B not applicable before the application, the fee is 50% of the highest of the tariffs set out in FEES 3 Annex 1 R which apply to that application. (2) Subject to (2A) below, if the firm's application includes an application for a Part 4A permission to carry on a new credit-related regulated activity, the fee is 50% of the highest of the tariffs set out in FEES 3 Annex 1 that would be payable under (1) above or, if higher, 50% of the highest of the tariffs set out in FEES 3 Annex 1 that would be payable in relation to the new credit-related regulated activity. (2A) If the applicant which already has a Part 4A permission to carry on a credit-related regulated activity exclusively applies for a Part 4A permission to carry on a new credit-related regulated activity, that is specified in Part 3 of FEES 3 Annex 1AR in the straightforward category (or if it exclusively applies for a number of such permissions), the fee is £250 (3) If the firm is in the A.1 fee-block at the date of the application and the variation involves adding any of the regulated activities of meeting of repayment claims or managing dormant account funds (including the investment of such funds), the fee is 50% of the fee in FEES 3 Annex 1 R that applies to that application. (3A) If the applicant had a limited permission prior to the application to vary its Part 4A permission, 100% of the highest of the tariffs set out in FEES 3 Annex 1 which apply to that application (3B) If the applicant has a limited permission and its application exclusively relates to another limited permission, the fee is 0 (4) In all other cases, other than applications by credit unions, the fee payable is 125, unless the variation involves only the reduction (and no other increases) in the scope of a Part 4A permission in which case no fee is payable. |
On or before the date the application is made |
(ca) A person who makes an application under section 30(1) of the Consumer Credit Act 1974 which meets the conditions of article 33 (Variations at request of licensee where no determination made before 1 April 2014) of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (the "relevant variation application") | As (a) or (c) above, less any amount paid to the Office of Fair Trading in relation to the relevant variation application. | Within 30 days of the date of the invoice. |
(d) Any person to which the Special Project Fee for restructuring applies under FEES 3 Annex 9. | Special Project Fee for restructuring in accordance with FEES 3 Annex 9 . | 30 days of the date of the invoice. |
(e) In the case of an insurance business transfer scheme, a transferor. Note - for the purpose of this paragraph an insurance business transfer scheme consists of a single transferor and a single transferee. Where however such a scheme is part of a single larger scheme, that larger scheme is treated as a single insurance business transfer scheme. If an insurance business transfer scheme includes more than one transferor in accordance with this paragraph, the transferors are liable to pay the fee under column (2) jointly. |
Either (1) or (2) as set out below: (1) In the case of an insurance business transfer scheme involving long term insurance business, 9,250 is payable to the PRA; or (2) in the case of an insurance business transfer scheme not involving long term insurance business, 5,000 is payable to the PRA. The amount payable to the PRA above is collected by the FCA as agent of the PRA. |
On or before any application is made to the PRA for the appointment of a person as an independent expert. |
(f) Either: (i) a firm applying to the appropriate regulator for permission to use one of the internal approaches listed in FEES 3 Annex 6B (or guidance on its availability), including any future proposed amendments to those approaches or (in the case of any application being made for such permission to the appropriate regulator asconsolidating supervisor under the EUCRR) any firm making such an application; or (ii) in the case of an application tothe consolidating supervisor other than the appropriate regulator for the use of theIRB approach and the consolidating supervisor requesting the appropriate regulator's assistance in accordance with the EU CRR, any firm to which the appropriate regulator would have to apply any decision to permit the use of that approach. |
(a)) Unless (2) applies, FEES 3 Annex 6B. (2) (a) Unless (b) applies a firm submitting a second application for the permission or guidance described in column (1) within 12 months of the first application (where the fee was paid in accordance with (1)) must pay 50% of the fee applicable to it under FEES 3 Annex 6B, but only in respect of that second application. (b) No fee is payable by a firm in relation to a successful application for a permission based on a minded to grant decision in respect of the same matter following a complete application for guidance in accordance with prescribed submission requirements. (c) No fee is payable where the consolidating supervisor has requested the assistance described in paragraph (f)(ii)of column 1 except in the cases specified in FEES 3 Annex 6B. |
Where the firm has made an application directly to the appropriate regulator, on or before the date the application is made, otherwise within 30 days after the appropriate regulator notifies the firm that its EEA parent's consolidating supervisor has requested assistance. |
(g) An applicant for a ceding insurer's waiver. | 20,000 | On or before the date the application is made. |
(h) A person in respect of which the appropriate regulator has given notice of its intention to itself appoint a skilled person to provide it with a report pursuant to section 166(3)(b) of the Act. | Any amount invoiced to the appropriate regulator by a skilled person in relation to any work carried out by that skilled person in connection with its appointment by the appropriate regulator pursuant to section 166(3)(b) of the Act. | Within 30 days of the date of the invoice. |
(i) A person in respect of which the appropriate regulator has given notice of its intention to itself appoint a skilled person to collect or update information pursuant to section 166A(2)(b) of the Act. | Any amount invoiced to the appropriate regulator by a skilled person in relation to any work carried out by that skilled person in connection with its appointment by the appropriate regulator pursuant to section 166A(2)(b) of the Act. | Within 30 days of the date of the invoice. |
FEES 3 Annex 1
Authorisation fees payable
- 01/01/2006
See Notes
For PRA-authorised persons and persons seeking to become PRA-authorised persons, the amount payable to the PRA is 50% of the amount payable under Part 1 and the amount payable to the FCA is 50% of the amount payable under Part 1. The amount payable to the PRA above is collected by the FCA as agent of the PRA.
For FCA-authorised persons and persons seeking to become FCA-authorised persons, the amount payable to the FCA is the amount payable under Part 1, No amount is payable to the PRA.
The table below sets out the following:
(1) fees for applications by credit unions and community finance organisations;
(2) application fees in respect of the complexity groupings that relate to regulated activities that are not credit-related regulated activities; and
(3) application fees in respect of the complexity groupings that relate to credit-related regulated activities.
Application type | Amount payable (£) | ||||||
(1) Credit unions and community finance organisations | |||||||
(a) Credit unions - registration of a common bond | 200 | ||||||
(aa) Credit unions or community finance organisations - where application is for a Part 4A permission limited to permission to carry on credit-related regulated activity | 200 | ||||||
(b) Version 1 credit unions - authorisation (other than where (aa) applies) | 300 | ||||||
(c) Version 2 credit unions - authorisation (other than where (aa) applies) | 1,800 | ||||||
(2) Complexity groupings not relating to credit-related regulated activities - see Part 2 | |||||||
(d) Straightforward | 1,500 (unless otherwise specified in Part 2) | ||||||
(e) Moderately complex | 5,000 (unless otherwise specified in Part 2) | ||||||
(f) Complex | 25,000 | ||||||
(3) Complexity groupings relating to credit-related regulated activity - see Part 3 | |||||||
Consumer credit annual income (£) | |||||||
0 - 50,000 | > 50,000 | ||||||
(g) Limited permission | 100 unless the application is for limited permission as a not-for-profit debt advice body, in which case the amount payable is 0 | 500 unless the application is for limited permission as a not-for-profit debt advice body, in which case the amount payable is 0 | |||||
Consumer credit annual income (£) | |||||||
0 -50,000 | > 50,000 - 100,000 | > 100,000 - 250,000 | > 250,000 - 1,000,000 | > 1,000,000 | |||
(h) Straightforward | 600 | 750 | 1,000 | 1,500 | 5,000 | ||
(i) Moderately complex | 800 | 1,000 | 1,500 | 5,000 | 10,000 | ||
(j) Complex | 1,000 | 1,250 | 2,000 | 7,000 | 15,000 |
Straightforward cases | |
Activity grouping | Description |
A.3 | Friendly societies only |
A.4 | Friendly societies only |
A.10 | A firm to the extent it is bidding in emissions auctions |
A.13 | Advisors, arrangers, dealers or brokers |
A.14 | Corporate finance advisers |
A.18 | Home finance providers , advisers and arrangers (excluding home finance providers ). |
A.19 | General insurance mediation |
A.21 | Holding client money or assets or both. |
Moderately complex cases | |
Activity grouping | Description |
[deleted] | [deleted] |
A.2 | Home finance providers and administrators. |
A.3 | UK ISPVs |
[deleted] | [deleted] |
A.5 | Managing agents at Lloyd's |
A.7 | Portfolio managers |
A.9 | Managers and depositaries of investment funds, and operators of collective investment schemes or pension schemes |
A.10 | Firms dealing as principal , except to the extent the firm is bidding in emissions auctions |
B. | Service companies |
Complex cases | |
Activity grouping | Description |
A.1 | Deposit acceptors (excluding e-money issuers and credit unions) and dormant account fund operators |
A.3 | Insurers - general (excluding friendly societiesand UK ISPVs) |
A.4 | Insurers - life (excluding friendly societies) |
B | MTF operators |
Straightforward cases
Activity grouping | Description |
CC.2 | Credit broking; Providing credit information services ; Advising on regulated credit agreements for the acquisition of land |
Activity grouping | Description |
CC.2 | Debt administration Debt collecting Entering into a regulated consumer hire agreement as owner Entering into a regulated credit agreement as lender (excluding in relation to high-cost short-term credit, bill of sale loan agreements and home credit loan agreements) Exercising, or having the right to exercise, the owner's rights and duties under a regulated consumer hire agreement Exercising, or having the right to exercise, the lender's rights and duties under a regulated credit agreement (excluding in relation to high-cost short-term credit, bill of sale loan agreements and home credit loan agreements) Operating an electronic system in relation to lending |
Activity grouping | Activity grouping |
CC.2 | Debt adjusting Debt counselling Entering into a regulated credit agreement as lender in relation to high-cost short-term credit, bill of sale loan agreements and home credit loan agreements Exercising, or having the right to exercise, the lender's rights and duties under a regulated credit agreement in relation to high-cost short-term credit, bill of sale loan agreements and home credit loan agreements Providing credit references |
If the Treaty firm wishes to undertake the permitted activities in question through its branch in the United Kingdom, the fee is 50% of the fee that would be payable under FEES 3.2.7 R and/or FEES 3.2.7A R for an applicant for Part 4A permission. |
If the Treaty firm wishes to undertake the permitted activities in question by providing services in the United Kingdom, the fee is 25% of the fee which would be payable under FEES 3.2.7 R and/or FEES 3.2.7A R for an applicant for Part 4A permission . |
The activity group definitions are set out in FEES 4 Annex 1A and FEES 4 Annex 1B. |
An application involving only a simple change of legal status for the purposes of FEES 3.2.7 R, FEES 3.2.7A R (a), FEES 3.2.7R (y), FEES 3.2.7R (za) , FEES 3.2.7 R (zg) and FEES 3.2.7 R (zh) is from an applicant: | |
(1) which is a new legal entity intending to carry on the business, using the same business plan, of an existing firm with no outstanding regulatory obligations cancelling its Part 4A permission or authorisation or registration under the Payment Services Regulations or the Electronic Money Regulations, and | |
(2) which is to: | |
(a) have the same or narrower permission, scope of authorisation or registration under the Payment Services Regulations or Electronic Money Regulations and the same branches (if any), as the firm; | |
(b) assume all of the rights and obligations in connection with any ofthe regulated activities, payment services and electronic money issuance carried on by the firm; | |
(c) continue the same compliance arrangements and compliant client asset and client money procedures, as the firm, subject to any changes required only as a result of the change of legal status; | |
(d) continue with a risk profile and arrangements for controlling and monitoring risk which will not be materially different from those of the firm; and | |
(e) have the individuals within the firm that are responsible for insurance mediation activity perform the same role for the applicant. |
An application involving only a simple change of legal status for the purposes of FEES 3.2.7 R(j) is from an applicant: | |
(1) which is a new legal entity intending to carry on the business of an existing sponsor (as defined in the listing rules) in respect of which the FCA does not currently require, and is not proposing to require, remedial action relating to any aspect of its provision of sponsor services); and | |
(2) which (subject to any changes required only as a result of the change in legal status) is to: | |
(a) assume all of the rights and obligations in connection with any of the sponsor activities of the existing sponsor under the listing rules; | |
(b) make no changes to the systems and controls of the existing sponsor which ensure that the existing sponsor can carry out its role as sponsor in accordance with LR 8 (Sponsors: Premium listing); | |
(c) have the individuals within the existing sponsor that are engaged in the provision of sponsor services engaged in the same role for the applicant; and | |
(d) otherwise continue to comply in all respects with the criteria for approval as a sponsor set out in LR 8.6.5 R. |
See Notes
- 01/01/2014
FEES 3 Annex 6B
Part 1
- 01/01/2014
See Notes
Fees payable in relation to internal approaches that require permission under Part Three of the EU CRR other than internal model method for counterparty credit risk: (1) Subject to (3), for applications made to the appropriate regulator to authorise a new internal approach: (i) where the application relates to CRDcredit institutions or designated investment firms and to five or more significant overseas entities within the same group (Group 1) and the application is for a permission to use one of the internal approaches in Tables 1 or 2 or guidance on the availability of such a permission, the fees in Table 1 are applicable. (ii) for all other CRDcredit institutions or designated investment firms the fees in Table 2 are applicable. (2) Subject to (3), for applications made to the consolidating supervisor other than the appropriate regulator for a joint decision under Article 20 of the EUCRR on the use of one of the internal approaches in Tables 1 or 2 and where the appropriate regulator is requested to assist the consolidating supervisor, the fees in Table 1 and Table 2 are applicable if the firm concerned meets the following conditions: (i) it is a CRDcredit institutions; and (ii) the firm does not fall within Group 4 as defined in Table 2. (3) If however the application or request for assistance is in relation to the use of the Advanced IRB approach and the appropriate regulator (in the case of (1)) or the relevant consolidating supervisor (in the case of (2)) has already granted permission for the use of the Foundation IRB approach then table 3 applies. (4) References to the internal approaches in Tables 1, 2 and 3 shall be construed as follows: (i) Foundation IRB means the internal approach for credit risk referred to in Article 143(1) of the EUCRR; (ii) Advanced IRB means the internal approach for credit risk referred to in Article 151(4) and (9) of the EUCRR; and (iii) AMA means the internal approach for operational risk referred to in 312(2) of the EUCRR. (5) All fees are shown in £. |
Application group | Description of group | Application fee | ||
Advanced IRB ('000) | Foundation IRB ('000) | AMA ('000) | ||
Group 1 | Five or more significant overseas entities as described in more detail in the definition of Group 1 in the introduction to Part 1 of this Annex | 268 | 232 | 181 |
Application group | Description of Group | Application fee | |||
Modified eligible liabilities | Number of traders as at 31 December prior to the PRA's fee year in which the fee is payable | Advanced IRB ('000) | Foundation IRB ('000) | AMA ('000) | |
Group 2 | >40,000 | >200 | 232 | 198 | 146 |
Group 3 | >5,000 - 40,000 | 26 - 200 | 94 | 72 | 51 |
Group 4 | 0-5,000 | 0 - 25 | 42 | 30 | 24 |
Table 3 (Advanced IRB approach where the appropriate regulator or the consolidating supervisor has already given permission to use Foundation IRB)
Application group | Advanced IRB Application fee |
Group 1 | 67,000 |
Group 2 | 58,000 |
Group 3 | 23,500 |
Group 4 | 10,500 |
The four application groups have the same meaning as they do in Tables 1 and 2 |
Part 2
Fees payable in relation to the application for a permission to use the internal model method for counterparty credit risk under Article 283 of the EUCRR: 54,000
- 01/01/2014
FEES 3 Annex 9
Special Project Fee for restructuring
- 01/06/2009
FEES 3 Annex 9
See Notes
(1) R | The Special Project Fee for restructuring (the SPFR) is only payable by a person in one of the following categories: | |
(a) | if it is in any of the A fee-blocks (as defined in Part 1 of FEES 4 Annex 1A in respect of the FCA and Part 1 of FEES 4 Annex 1B in respect of the PRA); or | |
(b) | if it is in fee-block G.3 (as defined in FEES 4 Annex 11); or | |
(c) | if it is a recognised investment exchange; or | |
(d) | [deleted] | |
(e) | if it is in any of the B fee-blocks (as defined in Part 1 of FEES 4 Annex 1A and FEES 4 Annex 1B). | |
(2) R | The SPFR becomes payable by a person falling into (1)(a) or (b) if it engages in, or prepares to engage in, activity which involves it undertaking or making arrangements with a view to any of the following: | |
(a) | raising additional capital; or | |
(b) | a significant restructuring of the firm or the group to which it belongs, including: | |
(i) mergers or acquisitions; | ||
(ii) reorganising the firm'sgroup structure; and | ||
(iii) reattribution. | ||
(3) R | No SPFR is payable under (2) if the transaction only involves the firm seeking to raise capital within the group to which it belongs. | |
(4) R | Where the transaction in (2) involves raising capital outside the group to which the firm belongs, any SPFR in relation to that transaction is only payable by the largest firm in that group. The largest firm is the one that pays the highest periodic fee in the appropriate regulator fee year in which the bill is raised. For the purpose of the calculation in (9), all time spent and fees and disbursements incurred in relation to the group are added together. | |
(5) R | The definition of group is limited for the purposes of calculating the SPFR to parent undertakings and their subsidiary undertakings. | |
(6) R | The SPFR also becomes payable by any person falling into (1) if any of the following circumstances apply to it: | |
(a) | an insolvency order is in effect as respects the person or the person is being voluntarily wound up or steps are being taken for the making of an insolvency order or voluntary winding up of, or with respect to, the person by someone entitled to take such steps; or | |
(b) | the Bank of England or the Treasury have exercised a stabilisation power in respect of the person under the Banking Act 2009. | |
(7) R | In (6): | |
(a) | references to an insolvency order or winding up include the equivalent process in any jurisdiction outside the United Kingdom; and | |
(b) | references to an insolvency order include such an order made under the Banking Act 2009. | |
(7A)R | The FCA and the PRA will levy separate SPFRs. The use of the term "appropriate regulator" in FEES 3 Annex 9R refers to the regulator levying the SPFR. | |
(8) R | Subject to FEES TP 8.1R, no SPFR is payable to an appropriate regulator: | |
(a) | if the amount calculated in accordance with (9) in relation to the regulatory work conducted by the appropriate regulator totals less than 50,000; or | |
(b) | for time spent giving guidance to the person in relation to the same matter if the appropriate regulator has charged that person for that guidance. | |
(9) R | The SPFR for the appropriate regulator is calculated as follows: | |
(a) | Determine the number of hours, or part of an hour, taken by the appropriate regulator, or, if applicable, both the FCA and PRA under FEES TP 8.1R, in relation to regulatory work conducted as a consequence of the activities referred to in (2) or (6). | |
(b) | Next, multiply the applicable rate in the table at (11) by the number of hours or part hours obtained under (a). | |
(c) | Then add any fees and disbursements invoiced to the appropriate regulator by any person in respect of services performed by that person for the appropriate regulator in relation to assisting the appropriate regulator in performing the regulatory work referred to in (a). | |
(d) | The resulting figure is the fee. | |
(e) | The number of hours or part hours referred to in (a) are the number of hours or part hours as recorded on the appropriate regulator's systems in relation to the regulatory work referred to in (a). | |
(10) R | The first column in the table at (11) sets out the relevant pay grades of those employed by the appropriate regulator and the second column sets out the hourly rates chargeable in respect of those pay grades. | |
(11) R | Table of FCA hourly rates: | |
FCA pay grade | Hourly rate () | |
Administrator | 30 | |
Associate | 60 | |
Technical Specialist | 100 | |
Manager | 110 | |
Any other person employed by the FCA | 170 | |
(11)AR | Table of PRA hourly rates: | |
PRA pay grade | Hourly rate (£) | |
Administrator | 30 | |
Associate | 60 | |
Technical Specialist | 90 | |
Manager | 115 | |
Any other person employed by the PRA | 170 | |
(12) G | The obligation to pay the SPFR is ongoing. Accordingly, there is no limitation on the number of times that the appropriate regulator may invoice a person for the SPFR in relation to the same events or circumstances referred to in (2) or (6). If the appropriate regulator does so, there is a single floor under (8)(a) and not a separate one for each instalment. Therefore, for example, if a person is subject to an administration order, the appropriate regulator may invoice the person on a periodic basis for all the related regulatory work, but may only do so once the total fee (including disbursements) equals 50,000. | |
(13) G | If the SPFR is payable, the full amount calculated under (9) is payable not just the excess over 50,000. | |
(14) G | The SPFR is a single fee. Therefore the SPFR may be payable under both (2) and (6). If it is payable under both, there is only a single floor under (8)(a), not two separate ones. |
FEES 3 Annex 10
Fees payable for authorisation as an authorised electronic money institution or registration as a small electronic money institution or variation thereof, including notification fees, in accordance with the Electronic Money Regulations
See Notes
Application type for authorisation, registration, variation or notification under Part 2 of the Electronic Money Regulations | Amount payable |
(1) small electronic money institution | 1,000 |
(2) authorised electronic money institution | 5,000 |
(3) electronic money institution - where, at the time the application is made, the applicant intends to use agents | 3 for each agent registered with the FCA at the time of application. This fee is in addition to any fees due under paragraph (1) or (2) of this table. |
(4) electronic money institution - where, during the course of the FCA financial year (12 months ending 31 March), the firm notifies the FCA of any changes to the list of agents it has registered since its authorisation | 3 for each change notified to the FCA during the FCA financial year. No fee is due under paragraph (4) if the total number of notifications to the FCA during the FCA financial year numbers 100 or less. |
FEES 3 Annex 11
Guidance on fees due under FEES 3.2.7R and FEES 3.2.7AR
See Notes
Firms liable under both FEES 3.2.7R(s) and FEES 3.2.7R(ze) in respect of fees payable to the FCA and FEES 3.2.7AR (e) and FEES 3.2.7AR(d) in respect of fees payable to the PRA
(1) | The transferor in insurance business transfer schemes is liable to pay the fee set out in FEES 3.2.7 R (s) and/or FEES 3.2.7AR(e). However, it may also be liable to pay the Special Project Fee for restructuring set out in FEES 3.2.7 R (ze) and/or FEES 3.2.7AR(d), calculated in accordance with FEES 3 Annex 9. It is possible then for a firm to have to pay two types of fees in respect of the same insurance business transfer scheme. |
(2) | Where the situation described in (1) arises, the appropriate regulator will consider whether to reduce or remit a fee under FEES 2.3 (Relieving Provisions). |
FEES 4
Periodic fees
FEES 4.1
Introduction
- 01/01/2006
Application
FEES 4.1.1
See Notes
- 01/04/2013
- Past version of FEES 4.1.1 before 01/04/2013
Purpose
FEES 4.1.2
See Notes
- 01/04/2013
- Past version of FEES 4.1.2 before 01/04/2013
Background
FEES 4.1.3
See Notes
- 01/04/2014
- Past version of FEES 4.1.3 before 01/04/2014
FEES 4.1.5
See Notes
- 01/04/2013
- Past version of FEES 4.1.5 before 01/04/2013
FEES 4.1.7
See Notes
- 01/04/2013
- Past version of FEES 4.1.7 before 01/04/2013
FEES 4.2
Obligation to pay periodic fees
- 01/01/2006
General
FEES 4.2.1
See Notes
- 01/04/2013
- Past version of FEES 4.2.1 before 01/04/2013
FEES 4.2.2
See Notes
- 01/04/2013
- Past version of FEES 4.2.2 before 01/04/2013
FEES 4.2.3
See Notes
- 01/04/2013
- Past version of FEES 4.2.3 before 01/04/2013
Method of payment
FEES 4.2.4
See Notes
- 01/07/2013
- Past version of FEES 4.2.4 before 01/07/2013
Modifications for persons becoming subject to periodic fees during the course of a fee year
FEES 4.2.6
See Notes
Formula for the calculation of fees payable under FEES 4.2.6R (1) | ||
(1) | calculate the number of calendar months between and including: | |
(i) | the calendar month in which the event described in column 4 of the table in FEES 4.2.11 R and/or FEES 4.2.11A R occurred; and | |
(ii) | the last month of the relevant fee year; | |
(2) | divide the number of calendar months calculated in (1) by 12; | |
(3) | multiply the total fee payable for the relevant fee year by the number calculated in (2). |
- 31/03/2015
- Past version of FEES 4.2.6 before 31/03/2015
FEES 4.2.7
See Notes
- 01/04/2014
- Past version of FEES 4.2.7 before 01/04/2014
FEES 4.2.7A
See Notes
FEES 4.2.7B
See Notes
in respect of firms satisfying condition (5)(c)(ii), the tariff is calculated by reference to the period beginning on the date on which it acquired the relevant permission, and ending on the 31 December before the start of the fee year
Application of FEES 4.2.7BR
FEES 4.2.7C
See Notes
References in this table to dates or months are references to the latest one occurring before the start of the appropriate regulator's fee year unless otherwise stated.
Type of permission acquired on 1 November | Tariff base | Valuation date but for FEES 4.2.7BR | Data period under FEES 4.2.7BR |
Accepting deposits (monthly reporting firms) | Modified eligible liabilities (MELs) | Average of the MELs for October, November, December - so projected valuations will be used | MELs for December 2009. |
Accepting deposits (quarterly reporting firms) | MELs | December 2009 | December 2009. |
Entering into a home finance transaction | Number of mortgages, home purchase plans or home reversion plans entered into | 12 months ending 31 December 2009 - so projected valuations will be used | 1 November to 31 December 2009. |
Effecting contracts of insurance (Insurers - general) |
Gross premium income and gross technical liabilities | 31 March 2009 - so projected valuations will be used | 1 November to 31 December 2009. |
FEES 4.2.8
See Notes
- 01/04/2013
- Past version of FEES 4.2.8 before 01/04/2013
Fee payers ceasing to hold relevant status or reducing the scope of their permission after start of relevant period
FEES 4.2.9
See Notes
- 01/04/2013
- Past version of FEES 4.2.9 before 01/04/2013
Extension of Time
FEES 4.2.10
See Notes
FEES 4.2.10A
See Notes
- 02/04/2015
FEES 4.2.11A
See Notes
1 Fee payer | 2 Fee payable | 3 Due date | 4 Events occurring during the period leading to modified periodic fee |
Any firm | As specified in FEES 4.3.1 R in relation to FEES 4 Annex 2BR | (1) Unless (2) applies, on or before the relevant dates specified in FEES 4.3.6 R. (2) if an event specified in column 4 occurs during the course of a fee year, 30 days after the occurrence of that event, or if later the dates specified in FEES 4.3.6 R. |
Firm receives permission; or firm extends permission |
- 01/04/2013
FEES 4.3
Periodic fee payable by firms (other than AIFM qualifiers, ICVCs and UCITS qualifiers)
- 23/07/2013
- Past version of FEES 4.3 before 23/07/2013
FEES 4.3.1
See Notes
- 23/07/2013
- Past version of FEES 4.3.1 before 23/07/2013
FEES 4.3.2
See Notes
- 01/04/2014
- Past version of FEES 4.3.2 before 01/04/2014
Calculation of periodic fee (excluding fee-paying payment service providers and fee-paying electronic money issuers)
FEES 4.3.3
See Notes
- 01/04/2014
- Past version of FEES 4.3.3 before 01/04/2014
Modification for firms with new or extended permissions
FEES 4.3.4
See Notes
- 01/04/2013
- Past version of FEES 4.3.4 before 01/04/2013
Amount payable by the Society of Lloyd's
FEES 4.3.5
See Notes
- 01/04/2013
- Past version of FEES 4.3.5 before 01/04/2013
Time of payment
FEES 4.3.6
See Notes
- 01/07/2013
- Past version of FEES 4.3.6 before 01/07/2013
FEES 4.3.6A
See Notes
- 19/06/2014
Groups of firms
FEES 4.3.7
See Notes
- 01/04/2013
- Past version of FEES 4.3.7 before 01/04/2013
FEES 4.3.8
See Notes
- 01/04/2013
- Past version of FEES 4.3.8 before 01/04/2013
FEES 4.3.9
See Notes
- 01/04/2013
- Past version of FEES 4.3.9 before 01/04/2013
FEES 4.3.10
See Notes
Incoming EEA firms, incoming Treaty firms, EEA authorised payment institutions and EEA authorised electronic money institutions
FEES 4.3.11
See Notes
FEES 4.3.12
See Notes
Firms Applying to Cancel or Vary Permission Before Start of Period
FEES 4.3.13
See Notes
FEES 4.3.13A
See Notes
- 19/06/2014
FEES 4.3.14
See Notes
Firms acquiring businesses from other firms
FEES 4.3.15
See Notes
FEES 4.4
Information on which Fees are calculated
- 01/01/2006
FEES 4.4.1
See Notes
- 02/07/2014
- Past version of FEES 4.4.1 before 02/07/2014
FEES 4.4.2
See Notes
- 01/04/2013
- Past version of FEES 4.4.2 before 01/04/2013
FEES 4.4.3
See Notes
- 01/04/2013
- Past version of FEES 4.4.3 before 01/04/2013
FEES 4.4.4
See Notes
- 01/04/2013
- Past version of FEES 4.4.4 before 01/04/2013
FEES 4.4.5
See Notes
- 01/04/2013
- Past version of FEES 4.4.5 before 01/04/2013
Information relating to payment services and the issuance of electronic money
FEES 4.4.9
See Notes
- 01/04/2013
- Past version of FEES 4.4.9 before 01/04/2013
FEES 4 Annex 1B
PRA activity groups, tariff bases and valuation dates
- 01/04/2013
See Notes
Part 1 This table shows how the PRA links the PRA-regulated activities for which a PRA-authorised person has permission to activity groups (fee-blocks). A PRA-authorised person can use the table to identify which fee-blocks it falls into based on its permission. |
Part 2 This table sets out the activity groups (fee blocks) in relation to (i) the minimum fee payable to the PRA and (ii) the transitional fee payable to the PRA. |
Activity group | Fee payer falls into the fee-block if |
PA.0 PRA minimum fee | (1) it is in at least one of the fee blocks under Part 1; and (2) it is not a UK ISPV. |
PT.1 PRA transitional fee | (1) it is in at least one of the fee blocks under Part 1; and (2) it is not: (a) a firm whose only fee payable to the PRA is the PA.0 PRA minimum fee; and/or (b) a UK ISPV. |
Part 3 This table indicates the tariff base for each fee-block set out in Part 1. The tariff base in this Part is the means by which the PRA measures the amount of business conducted by a PRA-authorised person for the purposes of calculating the annual periodic fees payable to the PRA by that PRA-authorised person. |
Activity Group | Tariff base |
A.1 | MODIFIED ELIGIBLE LIABILITIES For banks and building societies: Item B of Form ELS (Note (1)): (1 + 2 + 3 + 4 + 0.6*5 + 6 - 8 - 9A - 9B - 10A - 10B - 10C - 11A - 11B - 0.6*12) + (1/3)*(F1 + F2 + F3 + F4 + 0.6*F5 + F6 - F8 - F9A - F9B - F10A - F10B - F10C - F11A - F11B - 0.6*F12) - 13M Notes: (1) All references in the above formula are to entries on Form ELS (that is, the Eligible Liabilities Return completed to provide information by banks and building societies to the Bank of England as required by the Bank of England Act 1998). (2) The figures reported on the Form ELS relate to business conducted out of offices in the United Kingdom For credit unions: Deposits with the credit union (share capital) LESS the credit union's bank deposits (investments + cash at bank) Note: Only United Kingdom business is relevant for calculating credit unions' MELs. |
A.3 | GROSS PREMIUM INCOME AND GROSS TECHNICAL LIABILITIES For insurers: The amount of premium receivable which must be included in the documents required to be deposited under IPRU(INS) 9.6 in relation to the financial year to which the documents relate but disregarding for this purpose such amounts as are not included in the document by reason of a waiver or an order under section 68 of the Insurance Companies Act 1982 carried forward as an amendment to IPRU(INS) under transitional provisions relating to written concessions in SUP; AND the amount of gross technical liabilities (IPRU(INS) Appendix 9.1 - Form 15, line 19) which must be included in the documents required to be deposited under IPRU(INS) 9.6R in relation to the financial year to which the documents relate but disregarding for this purpose such amounts as are not included in the document by reason of a waiver or an order under section 68 of the Insurance Companies Act 1982 carried forward as an amendment to IPRU(INS) under transitional provisions relating to written concessions in SUP. Notes: 1) in the case of either: (a) a pure reinsurer carrying on general insurance business through a branch in the United Kingdom; or (b) an insurer whose head office is not in an EEA State carrying on general insurance business through a branch in the United Kingdom; or (c) an EEA-deposit insurer; the amount only includes premiums received and gross technical liabilities held in respect of its United Kingdom business; (2) for a Swiss general insurance company, premiums and gross technical liabilities include those relevant to the operations of the company's United Kingdom branch; and (3) a firm need not include premiums and gross technical liabilities relating to pure protection contracts which it reports, and pays a fee on, in the A.4 activity group. For friendly societies: Either: (a) the value of contributions as income under Schedule 7: Part I item 1(a) to the Friendly Societies (Accounts and Related Provisions) Regulations 1994 (SI 1994/1983) (the regulations) for a non-directive friendly society, included within the income and expenditure account; or (b) the value of gross premiums written under Schedule 1: Part I items I.1(a) and II.1.(a) of the regulations for a directive friendly society included within the income and expenditure account. Notes: (1) In both (a) and (b) above only premium receivable in respect of United Kingdom business are relevant. (2) For UK ISPVs the tariff base is not relevant and a flat fee set out in FEES 4 Annex 2BR is payable. |
A.4 | ADJUSTED GROSS PREMIUM INCOME AND MATHEMATICAL RESERVES (see FEES 4 Annex 12 G) Amount of new regular premium business (yearly premiums including reassurances ceded but excluding cancellations and reassurances accepted), times ten; Plus amounts of new single premium business (total including reassurances ceded but excluding cancellations and reassurances accepted). Group protection business (life and private health insurance) must be included; Less premiums relating to pension fund management; Less premiums relating to Trustee Investment Plans. For each of the above, business transacted through independent practitioners or tied agents (either single or multi-tie) will be divided by two in calculating the adjusted gross premium income; AND the amount of mathematical reserves (IPRU(INS) Appendix 9.1R - Form 14 , Line 11) which must be included in the documents required to be deposited under IPRU(INS) 9.6R in relation to the financial year to which the documents relate but disregarding for this purpose such amounts as are not included in the document by reason of a waiver or an order under section 68 of the Insurance Companies Act 1982 carried forward as an amendment to IPRU(INS) under transitional provisions relating to written concessions in SUP; Less mathematical reserves relating to pension fund management. Less mathematical reserves relating to Trustee Investment Plans. Notes:(1) Only premiums receivable and mathematical reserves held in respect of United Kingdom business are relevant. (2) An insurer must include in its calculation of adjusted gross premium income (AGPI) and mathematical reserves (MR) the value of MR and AGPI relating to all risks ceded to ISPVs. (3) Trustee Investment Plans are the class of contract of insurance specified in Class III of Part II of Schedule 1 to the Regulated Activities Order (Contracts of long-term insurance) and which are invested in pooled funds beneficially owned by the insurer and not earmarked to individual beneficiaries by that insurer. |
A.5 | ACTIVE CAPACITY The capacity of the syndicate(s) under management in the year in question. This includes the capacity for syndicate(s) that are not writing new business, but have not been closed off in the year in question. |
A.6 | Not applicable |
A.10 (only to the extent that the PRA has designated dealing in investments as principal to be a PRA-regulated activity in respect of the firm) | NUMBER OF TRADERS Any employee or agent, who: ordinarily acts within the United Kingdom on behalf of an authorised person liable to pay fees to the PRA in its fee-block A.10 (firms dealing as principal); and who, as part of their duties in relation to those activities of the authorised person, commits the firm in market dealings or in transactions in securities or in other specified investments in the course of regulated activities. But not any employees or agents who work solely in the firm'sMTF operation. A firm may, as an option, report employees or agents as full-time equivalents (FTE), taking account of any part-time staff. In calculating the FTE, firms must take into account the total hours employees or agents have contracted to work for the firm and not the time employees or agents devote to the dealing in investments as principal functions set out in fee-block A.10. Any figures using the FTE calculation to be recorded to one decimal place, rounded down to the nearest decimal place. |
Part 4 This table indicates the tariff base for each fee block set out in Part 2 above The tariff base in this Part is the means by which the PRA measures the amount of business conducted by a firm for the purposes of calculating the annual periodic fees payable to the PRA by that firm. |
Activity Group | Tariff base |
PA.0 | Not applicable because the minimum fee is a specified amount. |
PT.1 | The total periodic fees payable as a result of Part 1 of FEES 4 Annex 2B R. |
Part 5 This table indicates the valuation date for each fee-block. A PRA-authorised person can calculate its tariff data in respect of fees payable to the PRA by applying the tariff bases set out in Part 3 with reference to the valuation dates shown in this table. |
IN THIS TABLE, REFERENCES TO SPECIFIC DATES OR MONTHS ARE REFERENCES TO THE LATEST ONE OCCURRING BEFORE THE START OF THE PERIOD TO WHICH THE FEE APPLIES, UNLESS OTHERWISE SPECIFIED - E.G. FOR 13/14 FEES (1 APRIL 2013 TO 31 MARCH 2014), A REFERENCE TO DECEMBER MEANS DECEMBER 2012. | |
Where a firm's tariff data is in a currency other than sterling, it should be converted into sterling at the exchange rate prevailing on the relevant valuation date. | |
A.1 | For banks: Modified eligible liabilities (MELs), valued at: for a firm which reports monthly, the average of the MELs for October, November and December; for a firm which reports quarterly, the MELs for December. For credit unions: MELs, valued at December or as disclosed by the most recent annual return made prior to that date. For building societies: MELs, valued at the average of the MELs for October, November and December. |
A.3 | Annual gross premium income (GPI), for the financial year ended in the calendar year ending 31 December.AND Gross technical liabilities (GTL) valued at the end of the financial year ended in the calendar year ending 31 December. |
A.4 | Adjusted annual gross premium income (AGPI) for the financial year ended in the calendar year ending 31 December. AND Mathematical reserves (MR) valued at the end of the financial year ended in the calendar year ending 31 December. |
A.5 | Active capacity (AC), in respect of the Underwriting Year (as reported to the Society of Lloyd's) which is current at the beginning of the period to which the fee relates. [Note: this is the Underwriting Year which is already in progress at the start of the fee period - e.g. for 2004/05 fees, the fee period will begin on 1 April 2004, which is in the 2004 Underwriting Year, so the AC for that Underwriting Year is the relevant measure.] |
A.6 | Not applicable. |
A.10 | Number of traders as at 31 December. |
- 01/04/2013
FEES 4 Annex 2B
PRA fee rates and EEA/Treaty firm modifications for the period from 1 March 2015 to 29 February 2016
FEES 4 Annex 2B
See Notes
Part 1 This table shows the tariff rates applicable to each of the fee blocks set out in Part 1 of FEES 4 Annex 1B 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'sUK business separately from its non-UK business in the way described in Part 3 of FEES 4 Annex 1B R are disproportionate to the difference in fees payable; and | |
(b) | it notifies the FCA (acting as the collecting agent of the PRA) 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 4.4.2 R (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; | |
(b) | an additional administrative fee of 125 is payable; and | |
(c) | the minimum total fee (including the administrative fee in (b)) is 215. |
Note | In the case of activity groups A.3 and A.4 there are two tariff rates. The rate in column 1 applies to all firms in their respective fee-blocks. The rate in column 2 relates to the Solvency 2 Implementation fee and firms must determine their obligation to pay this fee by reference to Part 5 of this Annex. The total periodic fee for each of these fee-blocks is determined by adding the amounts obtained under both columns, as applicable. | |||
Activity group | Fee payable | |||
A.1 | Band width (£ million of Modified Eligible Liabilities (MELs)) | Fee (£/£m or part £m of MELs) | ||
General Periodic fee | ||||
>10 - 140 | 38.87 | |||
>140 - 630 | 38.87 | |||
>630 - 1,580 | 38.87 | |||
>1,580 - 13,400 | 48.59 | |||
>13,400 | 64.14 | |||
A.3 | Gross premium income (GPI) | Column 1 General periodic fee |
Column 2 Solvency 2 implementation fee |
|
Minimum fee (£) | Not applicable | 25.00 | ||
Band Width (£ million of GPI) | Fee (£/£m or part £m of GPI) | |||
>0.5 - 10.5 | 494.15 | 70.02 | ||
>10.5 - 30 | 494.15 | 70.02 | ||
>30 - 245 | 494.15 | 70.02 | ||
>245 - 1,900 | 494.15 | 70.02 | ||
>1,900 | 494.15 | 70.02 | ||
Plus | ||||
Gross technical liabilities (GTL) | Column 1 General periodic fee |
Column 2 Solvency 2 implementation fee |
||
Band Width (£ million of GTL) | Fee (£/£m or part £m of GTL) | |||
>1 - 12.5 | 27.31 | 3.75 | ||
>12.5 - 70 | 27.31 | 3.75 | ||
>70 - 384 | 27.31 | 3.75 | ||
>384 - 3,750 | 27.31 | 3.75 | ||
>3,750 | 27.31 | 3.75 | ||
For UK ISPVs the tariff rates are not relevant and a flat fee of £430.00 is payable in respect of each fee year. | ||||
A.4 | Adjusted annual gross premium income (AGPI) | Column 1 General periodic fee |
Column 2 Solvency 2 implementation fee |
|
Minimum fee (£) | Not applicable | 25.00 | ||
Band Width (£ million of AGPI) | Fee (£/£m or part £m of AGPI) | |||
>1 - 5 | 499.65 | 104.61 | ||
>5 - 40 | 499.65 | 104.61 | ||
>40 - 260 | 499.65 | 104.61 | ||
>260 - 4,000 | 499.65 | 104.61 | ||
>4,000 | 499.65 | 104.61 | ||
PLUS | ||||
A.4 | Mathematical reserves (MR) | Column 1 General periodic fee |
Column 2 Solvency 2 implementation fee |
|
Minimum fee (£) | Not applicable | 25.00 | ||
Band Width (£ million of MR) | Fee (£/£m or part £m of MR) | |||
>1 - 20 | 10.24 | 2.15 | ||
>20 - 270 | 10.24 | 2.15 | ||
>270 - 7,000 | 10.24 | 2.15 | ||
>7,000 - 45,000 | 10.24 | 2.15 | ||
>45,000 | 10.24 | 2.15 | ||
A.5 | Band Width (£ million of Active Capacity (AC)) | Fee (£/£m or part £m of AC) | ||
>50 - 150 | 59.22 | |||
>150 - 250 | 59.22 | |||
>250 - 500 | 59.22 | |||
>500 - 1,000 | 59.22 | |||
>1,000 | 59.22 | |||
A.6 | Flat fee Solvency 2 Implementation Flat Fee (£) |
1,895,574.68 268,659.70 |
||
A.10 | Band Width (No. of traders) | Fee (£/trader) | ||
2 - 3 | 5,776.00 | |||
4 - 5 | 5,776.00 | |||
6 - 30 | 5,776.00 | |||
31 - 180 | 5,776.00 | |||
>180 | 5,776.00 |
Part 2 This table sets out the tariff rate applicable to each of the fee blocks set out in Part 2 of FEES 4 Annex 1B R |
PA.0 | (1) | The minimum fee payable by any firm referred to in (3) is 500 unless: | |
(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); or | ||
(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 215; or. | ||
(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 215;or | ||
(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 215; | ||
(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 80 is payable; or | ||
(b) | greater than 0.5millon but less than 2.0million, in which case a minimum fee of 270 is 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. | |||
PT.1 | Periodic fees payable under Part 1 multiplied by rate £0.0626 |
Part 3 This table shows the modifications to fee tariffs that apply 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 | 50% |
A.3 | 90% |
A.4 | 90% |
PT.1 | 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 PRA minimum fee described in Part 2 of FEES 4 Annex 2B R applies in full and the modifications in this Part do not apply to it. |
Part 5 | |||
This Part sets out when a Solvency 2 Implementation fee is due for firms in the A.3 and A.4 fee blocks. | |||
(1) | The Solvency 2 Implementation fee is only payable by a firm if it meets all the conditions in (2) and neither of the conditions in (3). | ||
(2) | The conditions in this paragraph are: | ||
(a) | FEES 4.3.13 R and FEES 4.3.13A R(Firms Applying to Cancel or Vary Permission Before Start of Period) donot apply with respect to the relevant fee blocks; | ||
(b) | the firm has not notified the FSA before the start of the 2013/2014 fee year that it intends to migrate out of the United Kingdom for regulatory purposes before the Solvency 2 Directive is implemented; | ||
(c) | it meets either of the following conditions: | ||
(i) | its gross premium income or adjusted gross premium income, as appropriate, referred to in FEES 4 Annex 1 Part 2, exceeds EUR 5 million at the end of the financial year ended in the calendar year ending 31 December prior to the 2013/2014 fee year; or | ||
(ii) | its gross technical liabilities or mathematic reserves, as appropriate, referred to in FEES 4 Annex 1 Part 2, exceed EUR 25 million at the end of the financial year ended in the calendar year ending 31 December prior to the 2013/2014 fee year; | ||
(d) | it was in one or both of the insurance fee blocks at the start of the 2013/2014 fee year; | ||
(e) | it is not an incoming EEA firm or an incoming Treaty firm; | ||
(3) | The conditions in this paragraph are: | ||
(a) | the firm is a reinsurance undertaking that has, by 10 December 2007, ceased to conduct a new insurance business and only administers its existing portfolio in order to terminate its activity as a reinsurance undertaking; | ||
(b) | it is a reinsurance undertaking whose insurance business is conducted or fully guaranteed by the United Kingdom government for reasons of substantial public interest in the capacity of the reinsurer of last resort. | ||
(4) | Where a firm has notified the FSA or, on or after 1 April 2013, the PRA that it intends to migrate out of the United Kingdom for regulatory purposes before the Solvency 2 Directive is implemented in the United Kingdom but when the Solvency 2 Directive is implemented that firm remains in the United Kingdom for regulatory purposes, it must pay the Solvency 2 Implementation fee for each FSA financial year and each PRAfee year commencing 1 April 2013 for which the Solvency 2 Implementation fee would have applied to the firm but for the firm notifying the FSA or the PRA of its intention to migrate. | ||
(5) | Where a firm is required to pay a Solvency 2 Implementation fee because of the circumstances described in (4) it must pay this fee within 30 days of the date of the invoice. | ||
(6) | For the purposes of this Part, the exchange rate from the Euro to the pound sterling is calculated as at the last day of October preceding the financial year of the FSA or, on or after 1 April 2013, the PRAfee year in question for which the exchange rates for the currencies of all European Union member states were published in the Official Journal of the European Union. | ||
(7) | FEES 4.2.6 R and FEES 4.2.7 R do not apply to the Solvency 2 Implementation fee. |
FEES 4 Annex 12
Guidance on the calculation of tariffs set out in FEES 4 Annex 1AR Part 3 and FEES 4 Annex 1BR Part 3
See Notes
Adjusted Gross Premium Income and Mathematical reserves - calculation of new regular premium business |
(1) In calculating the new regular premium business element of its Adjusted Gross Premium Income, a firm (A) should not include business transferred from another firm (B) under the procedure set out at Part VII of the Act, during the relevant financial year, provided that that transfer did not involve the creation of new contracts between the policyholders subject to the transfer and A. This is because that business is existing business even though it is new from the point of view of A. This means that if new contracts are created as part of the transfer, that business should be included in the calculation of As new regular premium income business. (2) If any business is transferred to a firm (A) from another firm (B) under the procedure set out at Part VII of the Act and that business would have been included in Bs tariff base as new regular premium business in the absence of such a transfer, this business should be included in either As or Bs tariff base, depending on the date of transfer. FEES 4.3.15R explains in whose tariff base it should be included. (3) Mathematical reserves should take account of all of As business, including all new business transferred from B. |
Transitional Provisions and Schedules
FEES TP 4
Transitional provisions relating to information requirements following changes to FEES 4 or 5
4.1 | Effect of changes to FEES 4 or 5 in relation to the supply of information to the appropriate regulator | |
4.1.1 | R | This rule applies where any rule, or amendment to a rule, in FEES 4 or FEES 5 ("a FEES rule") has been made but will only come into force in relation to a future financial year of the appropriate regulator or Financial Ombudsman Service ("the future year"), as the case may be. |
4.1.2 | R | Unless another rule expressly disapplies this rule, a FEES rule has immediate effect for the supply of information under FEES 4.4 or FEES 5.4 in relation to that future year. |
4.1.3 | R | A reference in this rule to an appropriate regulator or Financial Ombudsman Service financial year is a reference to the 12 months ending 31 March. |
- 01/04/2013
- Past version of FEES TP 4 before 01/04/2013
FEES TP 5
Transitional Provisions relating to the Special Project Fee for Restructuring
5.1 | Special Project Fee for Restructuring applicable to circumstances before 1 July 2010 | |
5.1.1 | R | This rule relates to the changes to FEES 3 Annex 9 (Special Project Fee for restructuring) made by the Fees (Special Project Fee For Restructuring) (Amendment) Instrument 2010. It deals with a trigger event that occurred or started before 1 July 2010 (an "old trigger event") but which was of a type that was only brought into the definition of trigger event by that instrument. A trigger event means a circumstance or event of a type set out in paragraphs (2) or (6) of that Annex (events or circumstances that trigger liability for the Special Project Fee for restructuring). |
5.1.2 | R | An old trigger event is still a trigger event and thus triggers liability for the fee. However any regulatory work conducted before 1 July 2010 as a consequence of an old trigger event is not taken into account for the purposes of the calculation of the fee (including the floor in paragraph (8)(a) of FEES 3 Annex 9). Likewise any fees and disbursements invoiced to the appropriate regulator in respect of services performed for the appropriate regulator in relation to assisting the appropriate regulatorin performing such regulatory work are not included to the extent that the invoice relates to the period before 1 July 2010. |
5.1.3 | G | For example, say that a firm goes into administration before 1 July 2010. Say that the administration did not come within the list of events that triggered liability for the fee before 1 July 2010. The fee is still potentially payable. However the fee will not cover work carried out by the appropriate regulator before 1 July 2010. The same applies even if the administration started before 1 June 2009, when the fee first came into force. |
- 01/04/2013
- Past version of FEES TP 5 before 01/04/2013
FEES TP 8
Transitional provisions relating to FEES 3 Annex 9R and FEES 4.3.6R taking effect in 2013/14
(1) | (2) Material to which the transitional provision applies | (3) | (4) Transitional provision | (5) Transitional provision: dates in force | (6) Handbook provision: coming into force |
8.1 | Special project fee transitional provisions | ||||
8.1.1 | FEES 3 Annex 9R | R | This rule relates to a special project fee or part of a special project fee which has the following characteristics: (1) one or more of the events described in FEES 3 Annex 9R (2) or (6) had occurred before 1 April 2013; and (2) FSA employees conducted regulatory work which had been recorded on the FSA's systems and/or the FSA was invoiced fees and disbursements as a consequence of the applicable event or events referred to in FEES 3 Annex 9R (2) or (6) before 1 April 2013. (3) Hours or part hours worked by FSA staff and any fees or disbursements invoiced to the FSA of the kind described in FEES 3 Annex 9R (9) which were not accounted for in an invoice issued by the FSA prior to 31 March 2013 shall be named "pre-LCO accrued costs" in FEES TP 8.1. |
From 1 April 2013 indefinitely | 1 April 2013 |
8.1.2 | FEES 3 Annex 9R | R | In relation to the kind of special project fee specified in FEES TP 8.1.1R, (a) where one of the events referred to in FEES 3 Annex 9R (6)(a) had occurred, any pre-LCO accrued costs shall be included in the calculation of any amount payable to the FCA under FEES 3 Annex 9R (9); (b) a special project fee is payable to the FCA regardless of whether the amount calculated according to FEES 3 Annex 9R for the FCA is less than £50,000; and (c) no special project fee is payable if the sum total of adding together (i) the amount calculated in accordance with FEES 3 Annex 9R (9) in respect of the FCA and (ii) the total costs invoiced by the FSA before 1 April 2013 results in a total amount of less than £50,000. |
From 1 April 2013 indefinitely | 1 April 2013 |
8.1.3 | FEES 3 Annex 9R | R | In relation to the kind of special project fee specified in FEES TP 8.1.1R, where one of the events referred to in FEES 3 Annex 9R (2) or (6)(b)had occurred: (a) 50% of the pre-LCO accrued costs shall be included in the calculation of any amount payable to the FCA under FEES 3 Annex 9R(9); (b) 50% of the pre-LCO accrued costs shall be included in the calculation of any amount payable to the PRA under FEES 3 Annex 9R(9); (c) a special project fee is payable to the appropriate regulator regardless of whether the amount calculated according to FEES 3 Annex 9R for the appropriate regulator is less than £50,000; and (d) no special project fee is payable if the sum total of adding together (i) the amount calculated in accordance with FEES 3 Annex 9R(9) in respect of the FCA, (ii) the amount calculated in accordance with FEES 3 Annex 9R(9) in respect of the PRA and (iii) the total costs invoiced by the FSA before 1 April 2013 results in a total amount of less than £50,000. |
From 1 April 2013 indefinitely | 1 April 2013 |
8.1.4 | FEES 3 Annex 9 | G | As a result of FEES FEES TP 8.1.3R, pre-LCO accrued costs may give rise to two separate fee payment obligations following 1 April 2013, one in respect of the FCA and one in respect of the PRA if the threshold in FEES TP 8.1.3(d) is breached. |
From 1 April 2013 indefinitely | 1 April 2013 |
8.1.5 | FEES 3 Annex 9 | G | (1) This guidance gives examples of how FEES TP 8.1 is intended to operate. (2) If an event specified in FEES 3 Annex 9 (2) occurred on 1 April 2012, the £50,000 threshold was breached on 1 November and the FSA invoiced for the full amount outstanding as at 1 December 2012 but issued no further invoices, any accrued hours or part hours and fees or disbursements invoiced to the FSA between 1 December 2012 and 1 April 2013 will be divided equally between the FCA and the PRA and an amount would be payable to the FCA and the PRA as separate fees regardless of whether the separate thresholds contained in FEES 3 Annex 9 (8) are met as long as the combined FSA, FCA and PRA costs incurred exceeded £50,000. (3) If an event specified in FEES 3 Annex 9 (6)(a) occurred on 1 February 2013, the FSA had begun the relevant regulatory work but had yet issued any invoices or breached the 50,000 floor before 1 April 2013, the accrued hours and disbursements will be allocated towards the FCA's fee calculation. |
From 1 April 2013 indefinitely | 1 April 2013 |
8.2 | On account fee transitional provisions | ||||
8.2.1 | FEES 4.3.6 R (1) and FEES 4.3.6 R (1A) | R | [expired] | ||
8.2.2 | FEES 4.3.6 R (1)(a) and FEES 4.3.6 R (1A)(a) | R | [expired] | ||
8.2.3 | FEES 4.3.6 R (1)(a) | R | [expired] | ||
8.2.4 | FEES 4.3.6 R (1A)(a) | R | [expired] | ||
8.2.5 | FEES 4.3.6 R | R | [expired] | ||
8.2.6 | FEES 4.3.6 R | G | [expired] |
- 01/01/2015
- Past version of FEES TP 8 before 01/01/2015
FEES TP 10
Transitional Provisions relating to FEES 4.2.7BR for firms carrying on credit related regulated activities
(1) | (2) Material to which the transitional provision applies | (3) | (4) Transitional provision | (5) Transitional provision: dates in force | (6) Handbook provision: coming into force |
10.1 | FEES 4.2.7 R (2)(b) | R | Insert a new paragraph after (5)(c) as follows: "(5)(ca): paragraph (5)(c) does not apply to a firm'scredit-related regulated activities." |
From 1 April 2014 until 1 April 2016 | 1 April 2014 |
- 01/04/2014
FEES Sch 1
[to follow]
- 06/10/2009
See Notes
FEES Sch 2
[to follow]
- 06/10/2009
See Notes
FEES Sch 3
[to follow]
- 06/10/2009
See Notes
FEES Sch 5
[to follow]
- 06/10/2009
See Notes
FEES Sch 6
Rules that can be waived
- 06/01/2011
- Past version of FEES Sch 6 before 06/01/2011
FEES Sch 6.2
See Notes
- 01/04/2013