FEES Fees Manual

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FEES 1

Fees Manual

FEES 1.1

Application and Purpose

  • 01/01/2006

FEES 1.1.1

handbook-guidance
FEES applies to all persons required to pay a fee or levy under a provision of the Handbook. The purpose of this chapter is to set out to whom the rules and guidance in FEES apply. FEES 2 (General Provisions) contains general provisions which may apply to any type of fee payer. FEES 3 (Application, Notification and Vetting Fees) covers one-off fees payable on a particular event for example various application fees (including those in relation to authorisation, variation of Part 4A permission, listing and the Basel Capital Accord) and fees relating to certain notifications and document vetting requests. FEES 4 (Periodic fees) covers all periodic fees and transaction reporting fees. FEES 5 (Financial Ombudsman Service Funding) relates to FOS levies and case fees (in FEES 5.5A). FEES 6 (Financial Services Compensation Scheme Funding) relates to the FSCS levy. FEES 7 relates to the CFEB levy.

FEES 1.1.1-A

handbook-guidance
FEES applies to all persons required to pay a fee or levy under a provision of the Handbook. The purpose of this chapter is to set out to whom the rules and guidance in FEES apply. FEES 2 (General Provisions) contains general provisions which may apply to any type of fee payer. FEES 3 (Application, Notification and Vetting Fees) covers one-off fees payable on a particular event for example various application fees (including those in relation to authorisation, variation of Part 4A permission, listing and the Basel Capital Accord) and fees relating to certain notifications and document vetting requests. FEES 4 (Periodic fees) covers all periodic fees and transaction reporting fees.
  • 03/07/2015

Application

FEES 1.1.2

handbook-rule

This manual applies in the following way:

  1. (1) FEES 1, 2 and 3 apply to the fee payers listed in column 1 of the Table of application, notification and vetting fees in FEES 3.2.7 R and FEES 3.2.7A R.
    1. (a) [deleted]
    2. (b) [deleted]
    3. (c) [deleted]
    4. (d) [deleted]
    5. (e) [deleted]
    6. (f) [deleted]
    7. (g) [deleted]
    8. (h) [deleted]
    9. (i) [deleted]
    10. (j) [deleted]
    11. (k) [deleted]
    12. (l) [deleted]
    13. (m) [deleted]
    14. (n) [deleted]
    15. (o) [deleted]
    16. (p) [deleted]
    17. (q) [deleted]
    18. (r) [deleted]
    19. (s) [deleted]
  2. (2) FEES 1, 2 and 4 apply to:
    1. (a) every firm (except an AIFM qualifier, ICVC or UCITS qualifier);
    2. (b) every authorised fund manager of an authorised unit trust or authorised contractual scheme;
    3. (c) every ACD of an ICVC;
    4. (d) every person who, under the constitution or founding arrangements of a recognised scheme, is responsible for the management of the property held for or within the scheme;
    5. (e) every designated professional body;
    6. (f) every recognised body;
    7. (g) under the Listing Rules every issuer of shares, depositary receipts and securitised derivatives;
    8. (h) under the Listing Rules (LR) every sponsor;
    9. (i) under the Disclosure Rules and Transparency Rules (DTR) every issuer of shares, depositary receipts and securitised derivatives;
    10. (j) every fee-paying payment service provider;
    11. (k) every fee-paying electronic money issuer;
    12. (l) every issuer of a regulated covered bond;
    13. (m) every AIFM applying to become a small registered UK AIFM and every small registered UK AIFM;
    14. (n) every AIFM notifying the FCA under regulation 57, 58 and 59 of the AIFMD UK regulation and every AIFM which has made such a notification; and
    15. (o) each of the following that makes transactions reports directly to the FCA under SUP 17 (Transaction reporting):
      1. (i) a firm;
      2. (ii) a third party acting on a firm's behalf;
      3. (iii) an approved reporting mechanism;
      4. (iv) an operator of a regulated market; and
      5. (v) an operator of an MTF.
  3. (3) FEES 1, 2 and 5 apply to:
    1. (a) every firm (except to the extent it is bidding in emissions auctions), fee-paying payment service provider and fee-paying electronic money issuer which is subject to the Compulsory Jurisdiction of the Financial Ombudsman Service; and
    2. (b) every other person who is subject to the Compulsory Jurisdiction in relation to relevant complaints.
  4. (5) FEES 1, 2 and 7 apply to:
    1. (a) every person having a Part 4A permission;
    2. (b) an incoming EEA firm;
    3. (c) an incoming Treaty firm;
    4. (d) the Society;
    5. (e) every fee-paying payment service provider except the Bank of England, government departments and local authorities;
    6. (f) every fee-paying electronic money issuer except the Bank of England, government departments, local authorities, municipal banks and the National Savings Bank.
  5. (6) FEES App 1 Annex 1 applies to every:
    1. (a) registered society; or
    2. (b) sponsoring body; or
    3. (c) person who submits a proposal for the registration of a registered society;
  6. each as defined in FEES Appendix 1.

FEES 1, 2 and 7 do not apply to an incoming EEA firm or an incoming Treaty firm that has not established a branch in the United Kingdom.
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.

FEES 1.1.3A

handbook-guidance
The rules in FEES should be read in conjunction with GEN 2.2.23 R to GEN 2.2.25 G. In relation to FEES, some rules are made by both the FCA and PRA. Those rules may contain obligations for or references to FCA-authorised persons (for example payment service providers and electronic money issuers) notwithstanding that they also are made by the PRA in order to apply them to PRA-authorised persons. GEN 2.2.23 R limits the application of those rules so that the PRA will only apply them in respect of PRA-authorised persons and not to such FCA-authorised persons as are specifically included within the rule.
  • 01/04/2013

Purpose

FEES 1.1.4

handbook-guidance
The purpose of this manual is to set out the fees applying to the persons set out in FEES 1.

Export chapter as

FEES 2

General Provisions

FEES 2.1

Introduction

  • 01/01/2006

Application

FEES 2.1.1

handbook-rule
Except to the extent referred to in FEES 2.1.1A R, this chapter applies to every person who is required to pay a fee or share of a levy to the appropriate regulator, FOS Ltd or FSCS, as the case may be, by a provision of the Handbook.

FEES 2.1.1-A

handbook-rule
This chapter applies to every person who is required to pay a fee or share of a levy to the PRA by a provision of the Handbook.
  • 03/07/2015

FEES 2.1.2

handbook-rule
FEES 2.2.1R does not apply in respect of any fee payable under FEES 3 (Application, notification and vetting fees).

FEES 2.1.3

handbook-guidance
The provisions for late payments in FEES 2.2.1R do not apply to fees payable under FEES 3 as applications, notifications and requests for vetting are generally regarded as incomplete until the relevant fee is paid.

Purpose

FEES 2.1.4

handbook-guidance
The purpose of this chapter is to set out the general provisions applicable to those who are required to pay fees or levies to the appropriate regulator or a share of the FSCS levy.

FEES 2.1.4A

handbook-guidance
The purpose of this chapter is to set out the general provisions applicable to those who are required to pay fees or levies to the PRA.
  • 03/07/2015

FEES 2.1.5-A

handbook-guidance
Paragraph 31 of Schedule 1ZB of the Act enables the PRA to charge fees to cover its costs and expenses in carrying out its functions.

FEES 2.1.6

handbook-guidance

The appropriate regulator fees payable will vary from one fee year to another, and will reflect the appropriate regulator's funding 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 appropriate regulator to undertake its statutory functions.

FEES 2.1.7

handbook-guidance

The key components of the appropriate regulator fee mechanism (excluding the FSCS levy, the FOS levy and case fees, and the CFEB levy which are dealt with in FEES 5, FEES 6 and FEES 7) are:

  1. (1) a funding requirement derived from:
    1. (a) the appropriate regulator's financial management and reporting framework;
    2. (b) the appropriate regulator's budget; and
    3. (c) adjustments for audited variances between budgeted and actual expenditure in the previous accounting year, and reserves movements (in accordance with the appropriate regulator's reserves policy);
  2. (2) mechanisms for applying penalties received during previous financial years for the benefit of fee payers;
  3. (3) fee-blocks, which are broad groupings of fee payers offering similar products and services and presenting broadly similar risks to the appropriate regulator's regulatory objectives;
  4. (4) a costing system to allocate an appropriate part of the funding requirement to each fee-block; and
  5. (5) tariff bases, which, when combined with fee tariffs, allow the calculation of fees.

FEES 2.1.7A

handbook-guidance

The key components of the PRA fee mechanism (excluding levies relating to the FSCS) are:

  1. (1) a funding requirement derived from:
    1. (a) the PRA's financial management and reporting framework;
    2. (b) the PRA's budget; and
    3. (c) adjustments for audited variances between budgeted and actual expenditure in the previous accounting year, and reserves movements (in accordance with the PRA's reserves policy);
  2. (2) mechanisms for applying penalties received during previous financial years for the benefit of fee payers;
  3. (3) fee-blocks, which are broad groupings of fee payers offering similar products and services and presenting broadly similar risks to the PRA's regulatory objectives;
  4. (4) a costing system to allocate an appropriate part of the funding requirement to each fee-block; and
  5. (5) tariff bases, which, when combined with fee tariffs, allow the calculation of fees.
  • 03/07/2015

FEES 2.1.8

handbook-guidance
The amount payable by each fee payer will depend upon the category (or categories) of regulated activity or exemption, or other relevant activity applicable to that person (fee-blocks). It will, in most cases, also depend on the amount of the business that person conducts in each category (fee tariffs).

FEES 2.1.9

handbook-guidance
By basing fee-blocks on categories of business, the appropriate regulator aims to minimise cross-sector subsidies. The membership of the fee-blocks is identified in the FEES provisions relating to the type of fees concerned.

FEES 2.1.9A

handbook-guidance
PRA-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 agent in relation to the collection of PRA 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 agent for the PRA in respect of the PRA fees. References to this arrangement will be referred to in FEES where applicable.
  • 01/04/2013

FEES 2.2

Late Payments and Recovery of Unpaid Fees

  • 01/01/2006

Late Payments

FEES 2.2.1

handbook-rule

If a person does not pay the total amount of a periodic fee, FOS levy, or share of the FSCS levy or CFEB levy, before the end of the date on which it is due, under the relevant provision in FEES 4, 5, 6 or 7, that person must pay an additional amount as follows:

  1. (1) if the fee was not paid in full before the end of the due date, an administrative fee of £250; plus
  2. (2) interest on any unpaid part of the fee at the rate of 5% per annum above the Official Bank Rate from time to time in force, accruing on a daily basis from the date on which the amount concerned became due.

FEES 2.2.1A

handbook-rule

If a person does not pay the total amount of a periodic fee before the end of the date on which it is due, under the relevant provision in FEES 4, that person must pay an additional amount as follows:

  1. (1) if the fee was not paid in full before the end of the due date, an administrative fee of £250; plus
  2. (2) interest on any unpaid part of the fee at the rate of 5% per annum above the Official Bank Rate from time to time in force, accruing on a daily basis from the date on which the amount concerned became due.
  • 03/07/2015

FEES 2.2.2

handbook-guidance
The FCA, (for FCA and PRA periodic fees, FOS and FSCS levies and CFEB levies), expects 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.

Recovery of Fees

FEES 2.2.3

handbook-guidance

Paragraphs 23(8) of Schedule 1ZA and paragraphs 31(7) of Schedule 1ZB of the Act permit the FCA and PRA respectively to recover fees (including in respect of the FCA, fees relating to payment services, the issuance of electronic money and, where relevant, FOS levies and CFEB levies), and section 213(6) permits the FSCS to recover shares of the FSCS levy payable, as a debt owed to the FCA, PRA and FSCS respectively, and the FCA, PRA and FSCS, as relevant, will consider taking action for recovery (including interest) through the civil courts.

[Note: For the PRA version of this guidance, see this provision as it was on 31 March 2015.]

FEES 2.2.3A

handbook-guidance
Paragraphs 31(7) and 35 of Schedule 1ZB of the Act permits the PRA to recover fees as a debt owed to the PRA and the PRA will consider taking action for recovery (including interest) through the civil courts.
  • 03/07/2015

FEES 2.2.4

handbook-guidance

In addition, the appropriate regulator may be entitled to take regulatory action in relation to the non-payment of fees, FOS levies and CFEB levies. The appropriate regulator may also take regulatory action in relation to the non-payment of a share of the FSCS levy, after reference of the matter to the appropriate regulator by the FSCS. What action (if any) that is taken by the appropriate regulator will be decided upon in the light of the particular circumstances of the case.

FEES 2.2.4A

handbook-guidance
In addition, the PRA may be entitled to take regulatory action in relation to the non-payment of fees. What action (if any) that is taken by the PRA will be decided upon in the light of the particular circumstances of the case.
  • 03/07/2015

FEES 2.3

Relieving Provisions

  • 01/01/2006

Remission of Fees and levies

FEES 2.3.1

handbook-rule
If it appears to the appropriate regulator or the FSCS (in relation to any FSCS levy only) that in the exceptional circumstances of a particular case, the payment of any fee, FSCS levy, FOS levy or CFEB levy would be inequitable, the appropriate regulator or the FSCS as relevant, may (unless FEES 2.3.2B R applies) reduce or remit all or part of the fee or levy in question which would otherwise be payable.

FEES 2.3.1A

handbook-rule
If it appears to the PRA that in the exceptional circumstances of a particular case, the payment of any fee would be inequitable, the PRA may (unless FEES 2.3.2B R applies) reduce or remit all or part of the fee in question which would otherwise be payable.
  • 03/07/2015

FEES 2.3.2

handbook-rule
If it appears to the appropriate regulator or the FSCS (in relation to any FSCS levy only) that in the exceptional circumstances of a particular case to which FEES 2.3.1R does not apply, the retention by the appropriate regulator, the FSCS, or the CFEB, as relevant, of a fee, FSCS levy, FOS levy or CFEB levy which has been paid would be inequitable, the appropriate regulator, the FSCS or the CFEB, may (unless FEES 2.3.2B R applies) refund all or part of that fee or levy.

FEES 2.3.2-A

handbook-rule
If it appears to the PRA that in the exceptional circumstances of a particular case to which FEES 2.3.1A R does not apply, the retention by the PRA of a fee which has been paid would be inequitable, the PRA may (unless FEES 2.3.2C R applies) refund all or part of that fee.
  • 03/07/2015

FEES 2.3.2A

handbook-guidance
A poor estimate or forecast by a fee or levy payer, when providing information relevant to an applicable tariff base, is unlikely, of itself, to amount to an exceptional circumstance for the purposes of FEES 2.3.1 R or FEES 2.3.2 R. By contrast, a mistake of fact or law by a fee or levy payer may give rise to such a claim.

FEES 2.3.2B

handbook-rule
The appropriate regulator or the FSCS may 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 levy payer in respect of a particular period, due to a mistake of fact or law by the fee or levy payer, if the claim is made by the fee or levy payer more than 2 years after the beginning of the period to which the overpayment relates.

FEES 2.3.2C

handbook-rule
The PRA may not consider a claim under FEES 2.3.1A R and/or FEES 2.3.2-A R to reduce, remit or refund any overpaid amounts paid by a fee payer in respect of a particular period, due to a mistake of fact or law by the fee payer, if the claim is made by the fee payer more than 2 years after the beginning of the period to which the overpayment relates.
  • 03/07/2015

FEES 2.4

VAT

  • 01/04/2009

FEES 2.4.1

handbook-rule
All fees payable or any stated hourly rate under FEES 3 (Application, notification and vetting fees), FEES 4 (Periodic fees) and FEES 7 (The CFEB levy) are stated net of VAT. Where VAT is applicable this must also be included.

Export chapter as

FEES 3

Application, Notification and Vetting Fees

FEES 3.1

Introduction

  • 01/01/2006

Application

FEES 3.1.1

handbook-rule
This chapter applies to every person set out in column 1 of the Table of application, notification and vetting fees in FEES 3.2.7 R and FEES 3.2.7A R.

FEES 3.1.2

handbook-guidance

This chapter does not apply to:

  1. (1) an EEA firm that wishes to exercise an EEA right; or
  2. (2) an EEA authorised payment institution; or
  3. (3) an EEA authorised electronic money institution.

Purpose

FEES 3.1.3

handbook-guidance
The purpose of this chapter is to set out the appropriate regulator fee paying requirements on the persons set out in FEES 1.1.2R (1).

FEES 3.1.4

handbook-guidance
Most of the detail of what fees are payable by the persons referred to in FEES 3.1.3 G is set out in FEES 3 Annex 1 - FEES 3 Annex 10 R.

FEES 3.1.5

handbook-guidance
  1. (1) The rates set for authorisation fees represent an appropriate proportion of the costs of the appropriate regulator in processing the application or exercise of Treaty rights.
  2. (2) [deleted]
  3. (3) [deleted]

FEES 3.1.6

handbook-guidance
Applications for Part 4A permission (and exercises of Treaty rights) other than in respect of credit-related regulated activities are categorised by the appropriate regulator for the purpose of fee raising as straightforward, moderately complex and complex as identified in FEES 3 Annex 1. This differentiation is based on the permitted activities sought and does not reflect the appropriate regulator's risk assessment of the applicant (or Treaty firm).

FEES 3.1.7

handbook-guidance
A potential applicant for Part 4A permission (or Treaty firm) has the opportunity to discuss its proposed application (or exercise of Treaty rights) with the appropriate regulator before submitting it formally. If an applicant for Part 4A permission (or Treaty firm) does so, the appropriate regulator 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.

FEES 3.1.8A

handbook-guidance
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 appropriate regulator 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.
  • 01/04/2014

FEES 3.2

Obligation to pay fees

  • 01/01/2006

General

FEES 3.2.1

handbook-rule

A person in column (1) of the table in FEES 3.2.7 R and, if applicable, FEES 3.2.7A R 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) a fee for each application or request for vetting, or request for support relating to compatibility of its systems with appropriate regulator systems, or admission approval made, or notification or notice of exercise of a Treaty right given, or other matter as is applicable to it, as set out or calculated in accordance with the provisions referred to in column (2) of the appropriate table:

  1. (1) in full and without deduction; and
  2. (2) on or before the date given in column (3) of that table.

FEES 3.2.2

handbook-guidance
If an application for a Part 4A permission (or exercise of a Treaty right) falls within more than one category set out in FEES 3 Annex 1, only one fee is payable. That fee is the one for the category to which the highest fee tariff applies.

Method of payment

FEES 3.2.3

handbook-rule
  1. (1) Unless (2), (3) or (4) applies, the sum payable under FEES 3.2.1 R must be paid by bankers draft, cheque or other payable order.
  2. (2) The FCA does not specify a method of payment for a person seeking to:
    1. (a) become a recognised body or a designated professional body; or
    2. (b) be added to the list of designated investment exchanges or accredited bodies.
  3. (3) The sum payable under FEES 3.2.1 R by a firm applying for a variation of its Part 4A permission which is not an application for new permission solely in respect of one or more credit-related regulated activities ( FEES 3.2.7 R(p)(1) or FEES 3.2.7 R(p)(4) and, if applicable, FEES 3.2.7 R(c)) must be paid by any of the methods described in (1) or by Maestro, Visa Debit or credit card (Visa/Mastercard/American Express only).
  4. (4) Unless FEES 3.2.3A R applies, the sum payable under FEES 3.2.1 R by a firm applying for a Part 4A permission in respect of credit-related regulated activities only or a variation of its Part 4A permission to add solely one or more credit-related regulated activities must be paid by Maestro, Visa Debit or credit card (Visa/Mastercard/American Express only).
  5. (5) Payments by credit card must include an additional:
    1. (a) 2% of the sum paid when paying by Visa or Mastercard; or
    2. (b) 3.2% of the sum paid when paying by American Express.

FEES 3.2.3A

handbook-rule
  1. (1) If the fee payer (as specified in column (1) of FEES 3.2.7 R) in relation to FEES 3.2.3R (4) is:
    1. (a) unable to make a payment by credit or debit card; or
    2. (b) permitted to make a paper application rather than an online application for a Part 4A permission in respect of credit-related regulated activities only or a variation of its Part 4A permission to add a credit-related regulated activity;
  2. the sum payable under FEES 3.2.1 R can be paid by bankers draft, cheque or other payable order.
  • 01/04/2014

FEES 3.2.3B

handbook-guidance
If 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.
  • 01/04/2014

FEES 3.2.5

handbook-guidance
  1. (1) The appropriate authorisation or registration fee is an integral part of an application for, or an application for a variation of, a Part 4A permission, authorisation, registration or variation under the Payment Services Regulations or the Electronic Money Regulations, or notification or registration under the AIFMD UK regulation. Any application or notification received by the appropriate regulator without the accompanying appropriate fee, in full and without deduction (see FEES 3.2.1 R), will not be treated as an application or notification made, incomplete or otherwise, in accordance with section 55U(4), or section 55H or 55I (as the case may be), of the Act or regulation 5(3) or 12(3) of the Payment Services Regulations or regulation 5 or 12 of the Electronic Money Regulations or regulation 11(1) and 60(a) of the AIFMD UK regulation. Where this is the case, the appropriate regulator will contact the applicant to point out that the application cannot be progressed until the appropriate fee has been received. In the event that the appropriate authorisation fee, in full and without deduction, is not forthcoming, the application will be returned to the applicant and no application will have been made.
  2. (2) With the exception of persons seeking to become a designated professional body, all applications, notifications, requests for vetting or admission approval will be treated as incomplete until the relevant fee is fully paid and the appropriate regulator will not consider an application, notification, request for vetting or admission approval until the relevant fee is fully paid. Persons seeking to become a designated professional body have 30 days after the designation order is made to pay the relevant fee.

FEES 3.2.6

handbook-guidance
Fees paid under this chapter are not refundable.

FEES 3.2.7A

handbook-rule

Table of application, notification and vetting fees payable to the PRA

FEES 3 Annex 1

Authorisation fees payable

  • 01/01/2006

handbook-rule

Part 1 - Authorisation fees payable
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. (1) fees for applications by credit unions and community finance organisations;
  2. (2) application fees in respect of the complexity groupings that relate to regulated activities that are not credit-related regulated activities; and
  3. (3) application fees in respect of the complexity groupings that relate to credit-related regulated activities.

Part 2 - Complexity Groupings not relating to credit-related regulated activities Straightforward Cases

Moderately Complex Cases

Complex Cases R

Part 3 - Complexity Groupings relating to credit-related regulated activity

Straightforward cases

Moderately complex cases

Complex cases

Part 4 - Authorisation Fees for Treaty Firms R

Part 5 - Activity Groupings R

Part 6 - Change of legal status

Part 7 - Change of legal status - sponsors fees

FEES 3 Annex 6B

Part 1

  • 01/01/2014

handbook-rule
Table 1 Table 2 (1) For the purposes of Table 2, a firm's A.1 or A10 tariff data for the relevant period will be used to provide the value of modified eligible liabilities or number of traders.

Table 3 (Advanced IRB approach where the appropriate regulator or the consolidating supervisor has already given permission to use Foundation IRB)

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

handbook-rule

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

handbook-rule
Authorisation, registration and variation fees payable

FEES 3 Annex 11

Guidance on fees due under FEES 3.2.7R and FEES 3.2.7AR

handbook-guidance
The following table sets out guidance on how a firm liable to pay a fee under both FEES 3.2.7 R (s) and FEES 3.2.7 R (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 for the same transaction should expect to be treated.

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

Export chapter as

FEES 4

Periodic fees

FEES 4.1

Introduction

  • 01/01/2006

Application

FEES 4.1.1

handbook-rule
This chapter applies to every person set out in FEES 1.1.2R (2).

Purpose

FEES 4.1.2

handbook-guidance
The purpose of this chapter is to set out the requirements on firms and others to pay periodic fees and transaction reporting fees in certain circumstances.

Background

FEES 4.1.3

handbook-guidance
Most of the detail of the periodic fees that are payable by firms is set out in FEES 4 Annexes 1A to 11BR. FEES 4 Annex 12 G and (for the FCA only) FEES 4 Annex 13 G provide guidance on the calculation of certain tariffs. Most of the provisions of the Annexes will vary from one fee year to another. Accordingly fresh FEES 4 Annexes will come into force, following consultation, for each fee year.

FEES 4.1.5

handbook-guidance
The Society of Lloyd's, which has permission, has its own fee block.

FEES 4.1.7

handbook-guidance
In the case of periodic fees for firms, fees are calculated individually for each firm, but they may be paid on a group basis, if the group so wishes.

FEES 4.2

Obligation to pay periodic fees

  • 01/01/2006

General

FEES 4.2.1

handbook-rule

A person shown in column (1) of the table in FEES 4.2.11 R and, if applicable, FEES 4.2.11AR as the relevant fee payer must pay each periodic fee applicable to it, calculated in accordance with the provisions referred to in column (2) of the applicable table, as adjusted by any relevant provision in this chapter:

  1. (1) in full and without deduction (unless permitted or required by a provision in FEES); and
  2. (2) on or before the date given in column (3) of that table, unless FEES 4.2.10 R applies.

FEES 4.2.2

handbook-guidance
  1. (1) A relevant fee payer will be required to pay a periodic fee for every year during which they have the status in column 1 of the table in FEES 4.2.11 R and/or FEES 4.2.11AR (or in relation to collective investment schemes, for every year during which it is a regulated collective investment scheme) subject to any reductions or exemptions applicable under this chapter. If a person is the relevant fee payer for more than one status listed in column 1 of the table in FEES 4.2.11 R and/or FEES 4.2.11AR (or in relation to collective investment schemes, the relevant fee payer for more than one regulated collective investment scheme) he will be required to pay a fee in relation to each.
  2. (2) [deleted]

FEES 4.2.3

handbook-guidance
The FCA will issue invoices in respect of the FCA and PRA to firms and other fee payers and expects to do so at least 30 days before the dates on which payments fall due under FEES 4.2.1 R.

Method of payment

FEES 4.2.4

handbook-rule
  1. (1) A periodic fee must be paid using either direct debit, credit transfer (BACS/CHAPS), cheque, Maestro, Visa Debit or by credit card (Visa/Mastercard only). Any payment by permitted credit card must include an additional 2% of the sum paid.
  2. (2) [deleted]

Modifications for persons becoming subject to periodic fees during the course of a fee year

FEES 4.2.6

handbook-rule
  1. (1) For the fee year during which the event described in column 4 of the table in FEES 4.2.11 R and/or FEES 4.2.11AR, giving rise to, or giving rise to an increase in, the fee payable in FEES 4.2.1 R occurs, the periodic fee required under FEES 4.2.1 R is modified for:
    1. (a) firms (other than AIFM qualifiers, ICVCs and UCITS qualifiers) in accordance with FEES 4.2.7 R and FEES 4.2.8 R;
    2. (b) all other fee payers in column (1) of the table in FEES 4.2.11 R or FEES 4.2.11A R, in accordance with the formula set out below.
  1. (2) [deleted]

FEES 4.2.7

handbook-rule

A firm (other than an AIFM qualifier, ICVC or UCITS qualifier) which becomes authorised or registered, or whose permission and/or payment service activities are extended, during the course of the fee year must pay a fee which is calculated by:

  1. (1) identifying each of the tariffs set out in Part 1 of FEES 4 Annex 2AR, Part 1 of FEES 4 Annex 2BR and/or Part 1 of FEES 4 Annex 11 as appropriate for the relevant fee year that apply to the firm only after the permission is received or extended or payment service activities are authorised or registered or extended or electronic money issuance activities are authorised or registered under the Electronic Money Regulations;
  2. (2) calculating the amount for each of the applicable tariffs which is the higher of:
    1. (a) any applicable minimum fee specified in relation to a particular tariff in FEES 4 Annex 2AR or FEES 4 Annex 2BR (but note, for the avoidance of doubt, that these are not the A.0 or PA.0 minimum fees set out under Part 2 of FEES 4 Annex 2AR and Part 2 of FEES 4 Annex 2BR); and
    2. (b) the result of applying the tariff to the projected valuation, for its first year (as provided in the course of the firm's application), of the business to which the tariff relates;
  3. (3) adding together the amounts calculated under (2) in relation to fees payable to the FCA and, if applicable, separately adding together the amounts calculated under (2) in relation to the fees payable to the PRA;
  4. (4) working out whether an A.0 or a PA.0 minimum fee is payable under Part 2 of FEES 4 Annex 2AR or Part 2 of FEES 4 Annex 2BR (except that minimum fee is not payable again by a firm whose permission is extended if the fee was already payable before the extension);
  5. (4A) working out whether an AP.0 FCA prudential fee is payable under Part 2 of FEES 4 Annex 2AR and if so how much;
  6. (4B) working out whether a PT.1 PRA transitional fee is payable under Part 2 of FEES 4 Annex 2BR and if so how much;
  7. (5) adding together the amounts calculated under (3), (4) and (4A) that relate to fees payable to the FCA and then adding this sum to any applicable flat rate fee, and, if applicable, separately adding together the amounts calculated under (3), (4) and (4B) that relate to fees payable to the PRA and then adding this sum to any applicable flat rate fee; and
  8. (6) modifying the result for the FCA and, if applicable, the PRA in accordance with the formula set out in FEES 4.2.6 R (except that FEES 4 Annex 10R (Periodic fees for MTF operators) deals with a firm that receives permission for operating a multilateral trading facility or has its permission extended to include this activity during the course of the relevant fee year and FEES 4.2.6 R does not apply).

FEES 4.2.7A

handbook-guidance
Projected valuations for a firm's first year will be collected for the 12 month period beginning with the date a firm becomes authorised or registered, or the date its permission and/or payment service activities are extended. That information will be used to calculate the periodic fee for the remainder of the fee year in which the firm was authorised or registered or its permission and/or payment service activities were extended (adjusted in accordance with FEES 4.2.7 R) and to calculate the periodic fee for the following fee year. Projected valuations are not relevant for those fee payers that are only required to pay fixed fees.

FEES 4.2.7B

handbook-rule
  1. (1) This rule deals with the calculation of:
    1. (a) a firm's fees for its second and subsequent fee year. These are the fee years years following the fee year in which it was given permission and/or was authorised or registered under the Payment Services Regulations or the Electronic Money Regulations or had its permission and/or payment services activities extended (the relevant permissions); and
    2. (b) the tariff base for the fee block or fee blocks that relate to each of the relevant permissions.
  2. (2) The starting point for calculating the fees referred to in (1)(a) is determining whether or not the firm's tariff base for the relevant fee year can be calculated using data from a complete period (as specified in Part 5 of FEES 4 Annex 1AR, Part 5 of FEES 4 Annex 1BR or Part 4 of FEES 4 Annex 11 R) that begins on or after the date that the firm obtained the relevant permission to which that tariff base relates.
    1. (a) If it can, the firm must use that data for calculating its tariff base.
    2. (b) If it cannot, the tariff base must be calculated using the projected valuations for its first year of the business to which the tariff relates (as provided in the course of the firm's application), unless (5)(b) or 5(c) applies.
  3. (3) This rule does not apply to a firm with a permission for operating a multilateral trading facility.
  4. (4) [deleted]
  5. (5)
    1. (a) [deleted]
    2. (b) If a firm:
      1. (i) receives a relevant permission between 1 April and 31 December inclusive; and
      2. (ii) is, but for this rule, required to calculate its tariff base for that relevant permission by reference to the average of its modified eligible liabilities for October, November and December;
    3. it must calculate that tariff base as at the December before the start of the fee year.
    4. (c) If a firm:
      1. (i) is, but for this rule, required to calculate its tariff base for the relevant permission by reference to the firm's financial year ended in the calendar year ending on the 31 December before the start of the fee year and, since obtaining the relevant permission, the firm has yet to complete a full financial year ended in the calendar year ending on the 31 December before the start of the fee year; or
      2. (ii) is, but for this rule, required to calculate its tariff base by reference to the twelve months ending on the 31 December before the start of the fee year and, since obtaining the relevant permission, the firm has yet to complete a full twelve months ending on the 31 December before the start of the fee year;
    5. it must calculate the tariff base under (d) below unless it is in its second fee year and was authorised between 1 January and 1 April (in which case it must use the projected valuations provided for in (2)(b) above).
    6. (d) If a firm satisfies either of the conditions in (c) it must calculate its tariff base as follows:
      1. (i) it must use actual data in relation to the business to which the tariff relates rather than projected valuations;
      2. (ii) in respect of firms satisfying condition (5)(c)(i), the tariff is calculated by reference to the period beginning on the date it acquired the relevant permission relating to the tariff, and ending on either the 31 December before the start of the fee year or, if earlier, the start date of the firm's financial year; and
      3. 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
      4. (iii) the figures are annualised by increasing them by the same proportion as the period of 12 months bears to the period starting from when the firm received its relevant permission to to the relevant period end date specified in (ii).
    7. (e) Where a firm is required to use the method in (d) it must notify the FCA (in its own capacity and, if applicable, in its capacity as collection agent for the PRA) of this by the date specified in FEES 4.4 (Information on which Fees are calculated).
    8. (f) Where a firm is required to use actual data under this rule FEES 4 Annex 1AR Part 5, FEES 4 Annex 1BR Part 5 and FEES 4 Annex 11 Part 4, are modified, where applicable, in relation to the calculation of that firm's valuation date in the fee years to which this rule applies.

Application of FEES 4.2.7BR

FEES 4.2.7C

handbook-guidance
The table below sets out the period within which a firm's tariff base is calculated (the data period) for second year fees calculated under FEES 4.2.7B R. The example is based on a firm that acquires permission on 1 November 2009 and has a financial year ending 31 March. Where valuation dates fall before the firm receives permission it should use projected valuations in calculating its fees.

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.

FEES 4.2.8

handbook-rule
In relation to an incoming EEA firm or an incoming Treaty firm the modification provisions of FEES 4.2.7 R 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 United Kingdom, and which are not provided on a cross border services basis. For payment services and electronic money issuance, the adjustment only applies to the business to which the calculation made in FEES 4.3.12A R relates.

Fee payers ceasing to hold relevant status or reducing the scope of their permission after start of relevant period

FEES 4.2.9

handbook-guidance

The appropriate regulator will not refund periodic fees if, after the start of the period to which they relate:

  1. (1) a fee payer ceases to have the status set out in column (1) of the table in FEES 4.2.11 R or FEES 4.2.11AR; or
  2. (2) a firm reduces its permission or payment services activities so that it then falls out of the fee-block previously applied to it;

(but see FEES 2.3 (Relieving Provisions) and FEES 4.3.13 R (Firms Applying to Cancel or Vary Permission Before Start of Period)).

Extension of Time

FEES 4.2.10

handbook-rule

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. (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. (2) unless FEES 4.3.6R (3), FEES 4.3.6R (4) or FEES 4.3.6R (4A) (Time and method for payment) applies, that date would otherwise fall on or before the 30th day after the date on which the FCA (in its own capacity or in its capacity as agent for the PRA) has sent written notification to that person of the fee payable on that date, in which case he must pay on or before the 30th day after the date on which the FCA sends the notification.

FEES 4.2.10A

handbook-rule
A CRR firm 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 that date falls during a period during which circumstances of the sort set out in General Provisions 2.2 in the PRA Rulebook exist, and that firm has reasonable grounds to believe that those circumstances impair its ability to pay the fee, in which case the firm must pay it on or before the fifth business day after the end of that period.
  • 02/04/2015

FEES 4.2.11A

handbook-rule
Table of periodic fees payable to the PRA
  • 01/04/2013

FEES 4.3

Periodic fee payable by firms (other than AIFM qualifiers, ICVCs and UCITS qualifiers)

FEES 4.3.1

handbook-rule

The periodic fee payable by a firm (except an AIFM qualifier, ICVC or a UCITS qualifier) is:

  1. (1) each periodic fee applicable to it calculated in accordance with FEES 4.3.3 R, using information obtained in accordance with FEES 4.4; plus
  2. (1A) any periodic fee applicable to it calculated in accordance with FEES 4.3.3A R using information relating to its UK business obtained in accordance with FEES 4.4 (or by other means in the case of the Bank of England); less
  3. (2) any deductions from the periodic fee specified in Part 2 of FEES 4 Annex 2AR, FEES 4 Annex 2BR or Part 7 of FEES 4 Annex 11.

FEES 4.3.2

handbook-guidance
  1. (1) The amount payable by each firm will depend upon the category (or categories) of regulated activities or payment services it is engaged in (fee-blocks) and whether it is issuing electronic money, and on the amount of business it conducts in each category (tariff base). The fee-blocks and tariffs are identified in FEES 4 Annex 1AR in respect of the FCA and FEES 4 Annex 1BR in respect of the PRA (and guidance on calculating certain of the tariffs is at FEES 4 Annex 12 G and (for the FCA only) FEES 4 Annex 13G), while FEES 4 Annex 2AR in respect of the FCA and FEES 4 Annex 2BR in respect of the PRA set out the tariff rates for the relevant fee year. In the case of firms that provide payment services and/or issue electronic money, the relevant fee blocks, tariffs and rates are set out in FEES 4 Annex 11.
  2. (2) Incoming EEA firms, incoming Treaty firms, EEA authorised payment institutions and EEA authorised electronic money institutions receive a discount to reflect the reduced scope of the appropriate regulator's responsibilities in respect of them. The level of the discount varies from fee-block to fee-block, according to the division of responsibilities between the appropriate regulator and Home state regulators for firms in each fee-block (see FEES 4.3.11 G, FEES 4.3.12 R and FEES 4.3.12A R).

Calculation of periodic fee (excluding fee-paying payment service providers and fee-paying electronic money issuers)

FEES 4.3.3

handbook-rule

The periodic fee referred to in FEES 4.3.1 R is (except in relation to the Society, fee-paying payment service providers and fee-paying electronic money issuers) calculated as follows:

  1. (1) identify each of the tariffs set out in Part 1 of FEES 4 Annex 2AR and Part 1 of FEES 4 Annex 2BR which apply to the business of the firm for the period specified in that annex;
  2. (2) for each of the applicable tariffs, calculate the sum payable in relation to the business of the firm for that period;
  3. (3) add together the amounts calculated under (2) in relation to fees payable to the FCA and, if applicable, separately add together the amounts calculated under (2) in relation to the fees payable to the PRA;
  4. (4) work out whether an A.0, CC.0 or a PA.0 minimum fee is payable under Part 2 of FEES 4 Annex 2AR and Part 2 of FEES 4 Annex 2BR and if so how much (except that that minimum fee is not payable again by a firm whose permission is extended if the fee was already payable before the extension);
  5. (4A) work out whether an AP.0 FCA prudential fee is payable under Part 2 of FEES 4 Annex 2AR and if so how much;
  6. (4B) work out whether a PT.1 PRA transitional fee is payable under Part 2 of FEES 4 Annex 2BR and if so how much;
  7. (5) add together the amounts calculated under (3), (4) and (4A) that relate to fees payable to the FCA and, if applicable, separately adding together the amounts calculated under (3), (4) and (4B) that relate to fees payable to the PRA; and
  8. (6) apply any applicable payment charge specified in FEES 4.2.4 R, provided that:
    1. (a) for payment by direct debit, successful collection of the amount due is made at the first attempt by the FCA (in its own capacity and, if applicable, in its capacity as agent for the PRA); or
    2. (b) for payment by credit transfer, the amount due is received by the FCA (in its own capacity and, if applicable, in its capacity as agent for the PRA) on or before the due date.

Modification for firms with new or extended permissions

FEES 4.3.4

handbook-guidance
  1. (1) A firm which becomes authorised or registered during the course of a fee year will be required to pay a proportion of the periodic fee which reflects the proportion of the year for which it will have a permission or the right to provide particular payment services or the right to issue electronic money - see FEES 4.2.5 G and FEES 4.2.6 R.
  2. (2) Similarly a firm which extends its permission or its right to provide particular payment services so that its business then falls within additional fee blocks will be required to pay a further periodic fee under this section for those additional fee blocks, but discounted to reflect the proportion of the year for which the firm has the extended permission or payment services activity - see FEES 4.2.6 R and FEES 4.2.7 R.
  3. (3) These provisions apply (with some changes) to incoming EEA firms, incoming Treaty firms, EEA authorised payment institutions and EEA authorised electronic money institutions.
  4. (4) These provisions do not apply to a firm's periodic fees in relation to its permission for operating a multilateral trading facility obtained from the FCA during the course of a fee year.

Amount payable by the Society of Lloyd's

FEES 4.3.5

handbook-rule
The periodic fee referred to in FEES 4.3.1 R in relation to the Society is specified against its name in FEES 4 Annex 2AR and FEES 4 Annex 2BR.

Time of payment

FEES 4.3.6

handbook-rule
  1. (1) Subject to FEES TP 8, if the firm's, designated professional body's, recognised investment exchange's, or regulated covered bond issuer's periodic fee for the previous fee year was at least £50,000, it must pay the FCA:
    1. (a) an amount equal to 50% of the FCA periodic fee payable for the previous fee year, by 30 April or, if later, within 30 days of the date of the invoice, in the fee year to which the sum due under FEES 4.2.1 R relates; and
    2. (b) the balance of the FCA periodic fee due for the current fee year by 1 September or, if later, within 30 days of the date of the invoice, in the fee year to which that sum relates.
  2. (1A) Subject to FEES TP 8, if the firm is also a PRA-authorised person and its periodic fee for the previous fee year was at least 50,000, it must pay the PRA (through the FCA acting as its collection agent):
    1. (a) an amount equal to 50% of the PRA periodic fee payable for the previous fee year, by 30 April in the fee year to which the sum due under FEES 4.2.1 R relates; and
    2. (b) the balance of the PRA periodic fee due for the current fee year by 1 September or, if later, within 30 days of the date of the invoice, in the fee year to which that sum relates.
  3. (1B) If the firm paid periodic fees to both the FCA and the PRA in the previous fee year, FEES 4.3.6R (1) and (1A) only apply if the firm's combined FCA and PRA periodic fees for that fee year were at least £50,000.
  4. (2) If the firm's, designated professional body's, recognised investment exchange's, or regulated covered bond issuer's periodic fee for the previous fee year was less than £50,000, it must pay the periodic fee due in full by 1 August or, if later, within 30 days of the date of the invoice in the fee year to which that sum relates.
  5. (3) If a firm has applied to cancel its Part 4A permission in the way set out in SUP 6.4.5 D (Cancellation of permission), or its status as a payment institution under regulation 10 of the Payment Services Regulations (Cancellation of authorisation) or as regulation 10 is applied by regulation 14 of the Payment Services Regulations (Supplementary provisions), or its status as an electronic money issuer under regulation 10 of the Electronic Money Regulations (Cancellation of authorisation) or as regulation 10 is applied by regulation 15 of the Electronic Money Regulations (Supplementary provisions), then (1) and (2) do not apply but it must pay the total amount due when the application is made.
  6. (4) If the appropriate regulator has exercised its own-initiative powers to cancel a firm's Part 4A permission, then (1) and (2) do not apply but the firm must pay the total amount due immediately before the cancellation becomes effective.
  7. (4A) If the FCA has cancelled a firm's authorisation or registration under regulation 10 of the Payment Services Regulations or regulation 10 of the Electronic Money Regulations or its registration under regulation 10 as applied by regulation 14 of the Payment Services Regulations or its registration under regulation 10 as applied by regulation 15 of the Electronic Money Regulations, then (1) and (2) do not apply but the firm must pay the total amount due immediately before the cancellation becomes effective.
  8. (5) [deleted]
  9. (5A) (In relation to PRA-authorised persons only) paragraphs (1A) and (2) do not apply to any Solvency 2 Special Project fee or Solvency 2 Implementation fee (as defined in FEES 4 Annex 2B) and such fees are not taken into account for the purposes of the split in (1A). Instead any Solvency 2 Special Project fee or Solvency 2 Implementation fee is payable on the date specified in (1A)(b) or (2) (depending on which applies to the rest of its periodic fee) or any earlier date required by (3) or (4).
  10. (6) Paragraphs (1) and (2) do not apply to any periodic fee in relation to a firm's permission for operating a multilateral trading facility and such a fee is not taken into account for the purposes of the split in (1). Instead any fee for this permission is payable on the date specified in FEES 4 Annex 10 (Periodic fees for MTF operators).

FEES 4.3.6A

handbook-rule
If a firm has applied to cancel its Part 4A permission in the way set out in Permissions and Waivers 2 of the PRA Rulebook, then FEES 4.3.6R (1) and (2) do not apply but it must pay the total amount due when the application is made.
  • 19/06/2014

Groups of firms

FEES 4.3.7

handbook-rule

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. (1) it notifies the FCA (in its own capacity and, if applicable, in its capacity as agent for the PRA) in writing of the name of each other firm within the group for which it will pay; and
  2. (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.

FEES 4.3.8

handbook-guidance
A notification under FEES 4.3.7R (1) should be made in accordance with SUP 15.7 (Form and method of notification).

FEES 4.3.9

handbook-guidance

If the payment made does not satisfy in full the periodic fees payable by all of the members of the group notified to the FCA under FEES 4.3.7 R, the FCA (in its own capacity and, if applicable, in its capacity as agent for the PRA) 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 balance attributable to it.

FEES 4.3.10

handbook-guidance
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 agent for the PRA) is informed that the sum being paid is for that firm's periodic fees.

Incoming EEA firms, incoming Treaty firms, EEA authorised payment institutions and EEA authorised electronic money institutions

FEES 4.3.11

handbook-guidance
The appropriate regulator recognises that its responsibilities in respect of an incoming EEA firm, an incoming Treaty firm, an EEA authorised payment institution or an EEA authorised electronic money institution are reduced compared with a firm which is incorporated in the United Kingdom. Accordingly the periodic fees which would otherwise be applicable to incoming EEA firms, incoming Treaty firms, EEA authorised payment institutions and EEA authorised electronic money institutions are reduced.

FEES 4.3.12

handbook-rule

For an incoming EEA firm, (excluding MTF operators), or an incoming Treaty firm, the calculation required by FEES 4.3.3 R is modified as follows:

  1. (1) the tariffs set out in Part 1 of FEES 4 Annex 2AR and, if applicable, Part 1 of FEES 4 Annex 2BR are applied only to the regulated activities of the firm which are carried on in the United Kingdom; and
  2. (2) those tariffs are modified in accordance with Part 3 of FEES 4 Annex 2AR and, if applicable, Part 3 of FEES 4 Annex 2BR.

Firms Applying to Cancel or Vary Permission Before Start of Period

FEES 4.3.13

handbook-rule
  1. (1) If:
    1. (a) a firm makes an application to vary its permission (by reducing its scope), or cancel it, in the way set out in SUP 6.3.15 D (3) (Variation of permission) and SUP 6.4.5 D (Cancellation of permission), or applies to vary (by reducing its scope) or cancel its authorisation or registration (regulation 8 and 10(1) of the Payment Services Regulations including as applied by regulation 14 of the Payment Services Regulations) or applies to cancel its authorisation or registration (regulation 10 and 12 of the Electronic Money Regulations including as applied by regulation 15 of the Electronic Money Regulations); an issuer makes an application for de-listing; or a sponsor notifies the FCA of its intention to be removed from the list of approved sponsors; and
    2. (b) the firm, issuer or sponsor makes the application or notification referred to in (a) before the start of the fee year to which the fee relates;
  2. FEES 4.2.1 R applies to the firm as if the relevant variation or cancellation of the firm's permission or authorisation or registration under the Payment Services Regulations or the Electronic Money Regulations, de-listing or removal from the list of approved sponsors, took effect immediately before the start of the fee year to which the fee relates.
  3. (2) But (1) does not apply if, due to the continuing nature of the business, the variation, cancellation, de-listing or removal is not to take effect on or before 30 June of the fee year to which the fee relates.

FEES 4.3.13A

handbook-rule
  1. (1) If:
    1. (a) a firm makes an application to vary its permission (by reducing its scope), or cancel it, in the way set out in Permissions and Waivers 2 of the PRA Rulebook; and
    2. (b) the firm makes the application or notification referred to in (a) before the start of the fee year to which the fee relates,
  2. FEES 4.2.1 R applies to the firm as if the relevant variation or cancellation of the firm's permission took effect immediately before the start of the fee year to which the fee relates.
  3. (2) But (1) does not apply if, due to the continuing nature of the business, the variation or cancellation is not to take effect on or before 30 June of the fee year to which the fee relates.
  • 19/06/2014

FEES 4.3.14

handbook-guidance
Where a firm has applied to cancel its Part 4A permission, or its authorisation or registration under the Payment Services Regulations or the Electronic Money Regulations, or the appropriate regulator has exercised its own-initiative powers to cancel a firm's Part 4A permission or the appropriate regulator has exercised its powers under regulation 10 (Cancellation of authorisation), including as applied by regulation 14 (Supplementary provisions) of the Payment Services Regulations to cancel a firm's authorisation or registration under the Payment Services Regulations or the appropriate regulator has exercised its powers under regulation 10 (Cancellation of authorisation), including as applied by regulation 15 (Supplementary provisions) of the Electronic Money Regulations, the due dates for payment of periodic fees are modified by FEES 4.3.6R (3), FEES 4.3.6R (4) and FEES 4.3.6R (4A) respectively.

Firms acquiring businesses from other firms

FEES 4.3.15

handbook-rule
  1. (1) This rule applies if:
    1. (a) a firm (A) acquires all or a part of the business of another firm (B), whether by merger, acquisition of goodwill or otherwise, in relation to which a periodic fee would have been payable by B, unless no periodic fee was payable by A in the financial year that the business was acquired from B; or
    2. (b) A became authorised or registered as a result of B's simple change of legal status (as defined in FEES 3 Annex 1 Part 6).
  2. (2) If, before the date on which A acquires the business, B had paid any periodic fee payable for the period in which the acquisition occurred, FEES 4.2.6 R to FEES 4.2.7 R do not apply to A in relation to the business acquired from B.
  3. (3) If the acquisition occurs after the valuation date applicable to the business (as set out in FEES 4 Annex 1AR, FEES 4 Annex 1BR and FEES 4 Annex 11) which A acquired from B, for the period following that in which the acquisition occurred, FEES 4.2.1 R applies to A, in relation to that following period, as if the acquisition had occurred immediately before the relevant valuation date.

FEES 4.4

Information on which Fees are calculated

  • 01/01/2006

FEES 4.4.1

handbook-rule
A firm (other than the Society and an MTF operator in relation to its MTF business) must notify to the FCA (in its own capacity and, if applicable, in its capacity as collection agent for the PRA) the value (as at the valuation date specified in Part 5 of FEES 4 Annex 1AR in relation to fees payable to the FCA or Part 5 of FEES 4 Annex 1BR in relation to fees payable to the PRA) of each element of business on which the periodic fee payable by the firm is to be calculated.

FEES 4.4.2

handbook-rule
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) 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 FCA or Part 5 of FEES 4 Annex 1B R in relation to fees payable to the PRA (or FEES 4.2.7B R where applicable).

FEES 4.4.3

handbook-rule
To the extent that a firm has provided the information required by this section to the appropriate regulator as part of its compliance with another provision of the Handbook, it is deemed to have complied with the provisions of this section.

FEES 4.4.4

handbook-guidance
In most cases a firm will provide the information required by this section as part of its compliance with the provisions of SUP. To the extent that the FCA (in its own capacity and, if applicable, in its capacity as collection agent for the PRA), does not obtain sufficient, or sufficiently detailed, information the FCA or the PRA, as appropriate, may seek this by using the general information gathering powers (see SUP 2 (Information gathering by the appropriate regulator on its own initiative)).

FEES 4.4.5

handbook-rule
For an incoming EEA firm or an incoming Treaty firm, the information required under FEES 4.4 is limited to the regulated activities of the firm which are carried on in the United Kingdom, except those provided on a cross border services basis.

Information relating to payment services and the issuance of electronic money

FEES 4.4.9

handbook-directions
To the extent that a firm has provided the information required by FEES 4.4.7 D to the FCA as part of its compliance with another provision of the Handbook, it is deemed to have complied with the provisions of that direction.

FEES 4 Annex 1B

PRA activity groups, tariff bases and valuation dates

  • 01/04/2013

handbook-rule
  • 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

handbook-rule

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

handbook-guidance
The following table sets out guidance on how a firm should calculate tariffs for fee-block A.4.

Export chapter as

FEES 5

Financial Ombudsman Service Funding

Export chapter as

Transitional Provisions and Schedules

FEES TP 2

Transitional provisions relating to changes to the FSCS levy arrangements taking effect in 2007/8 and in 2008/9

FEES TP 3

Transitional provisions relating to changes to the FSCS levy arrangements taking effect in 2010/11

FEES TP 4

Transitional provisions relating to information requirements following changes to FEES 4 or 5

FEES TP 5

Transitional Provisions relating to the Special Project Fee for Restructuring

FEES TP 7

Transitional provisions relating to changes to the FSCS levy arrangements taking effect in 2013/14

  • 01/04/2013

FEES TP 8

Transitional provisions relating to FEES 3 Annex 9R and FEES 4.3.6R taking effect in 2013/14

FEES TP 10

Transitional Provisions relating to FEES 4.2.7BR for firms carrying on credit related regulated activities

  • 01/04/2014

FEES Sch 1

[to follow]

  • 06/10/2009

handbook-guidance
[to follow]

FEES Sch 2

[to follow]

  • 06/10/2009

handbook-guidance
[to follow]

FEES Sch 3

[to follow]

  • 06/10/2009

handbook-guidance
[to follow]

FEES Sch 5

[to follow]

  • 06/10/2009

handbook-guidance
[to follow]

FEES Sch 6

Rules that can be waived

FEES Sch 6.2

handbook-guidance
As a result of section 138A of the Act (Modification or waiver of rules) the PRA has power to waive all its rules, other than rules made under section 137O of the Act (threshold condition code). However, if the rules incorporate requirements laid down in European directives, it will not be possible for the PRA to grant a waiver that would be incompatible with the United Kingdom's responsibilities under those directives.
  • 01/04/2013

Export chapter as

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