UK AIFM and NPPR fees

Find out about fees for authorised and registered Alternative Investment Fund Managers (AIFMs), and the National Private Placement Regime (NPPR).

Authorised and registered UK AIFMs

When you submit your application, you must pay the application fee in full. This fee is non-refundable and we do not issue invoices for it.

The ‘Managing an AIF’ and ‘Managing a UK UCITS’ activities fall into both fee block A7 (Portfolio Managers) and A9 (Managers and depositaries of investment funds and operators of CIS or pension schemes), except venture capital firms who fall into fee block A7 only. Applications for these fee-blocks are classed as ‘Moderately Complex’.

If you are an existing firm that is only in one of the fee blocks at the point of applying for one of these new activities, your application fee will be half of a Category 6 fee because a new fee block is being added.

If your firm is already in both A7 and A9 before you apply for one of these new activities, your application fee will fall into Category 2.

Here are the application fees for each regime:

Type of application


New Authorisation

Category 6

Variation of Permission (adding a fee block)

Half of Category 6

Variation of Permission (not adding a fee block)

Category 2

The information above details the Fees Category for the different applications. You can find the charge for each category in FEES 3 Annex 1A. For more information please see pricing categories for application fees.

Periodic fees

UK AIFMs and UK UCITS management companies will pay fees in A7 for their portfolio management activities and fees in A9 for their risk management and administrative activities.

If your firm becomes authorised or falls into a new fee block during the fee year, you will pay a periodic fee, pro-rated according to the month of authorisation.

National Private Placement Regime (NPPR) 

NPPR application fees

Here are the application fees for each regime:

Type of fund

Fee per fund

AIF marketed by above-threshold third country AIFM (Regulation 59)

Category 1

AIF marketed by sub-threshold third country AIFM (Regulation 58)

Category 1

Third country AIF marketed by third country AIFM, (or a feeder AIF that is a UK or Gibraltar AIF, or third country EEA AIF managed by third country AIFM where the master AIF is managed by a third country AIFM or is a third country AIF), where AIFM is not otherwise paying any FCA fee as an AIFM (Regulation 57)

Category 1

Full-scope UK AIFMs marketing third country AIFs under Article 57 £0

Further details of application fees for NPPR are published in the FCA Handbook: FEES 3.2.7 R and FEES 3 Annex 2 R. Find out more about NPPR.

NPPR periodic fees

Firms should be aware that periodic fees will also apply for NPPR. Usually we issue periodic fee invoices in the month following a notification and then annually from July. Invoices are payable within 30 days of the invoice date.

Further details of periodic fees for NPPR are published in the FCA Handbook: FEES 4.2.11 and FEES 4 Annex 4 R.


If your firm is already authorised you can pay by credit or debit card.

Find out more about AIFMD fees. You can email any queries about NPPR fees to [email protected].

Our rules that apply to fees

Our fee rules are set out in the Fees Manual (FEES) of our Handbook.

Fees for authorised, internally managed AIFs

If your firm is an authorised, internally managed AIF you will fall into fee blocks A7 and A9. However, in fee block A9 your firm will need to use an income proxy of 1% of assets under management. The tariff base for fee block A9 is gross income from charges to the fund. As internally managed AIFs do not generate income from charges to the fund, 1% of the value of the AIF’s assets under management will be treated as a proxy for your income.

Venture capital firms that become authorised as UK AIFMs

The fees for venture capital firms remain unchanged by AIFMD. They will fall into fee block A7 but will be excluded from fee block A9.

Page updates

: Link changed Updated the links between pages in this section
: Editorial amendment page update as part of website refresh
: Information changed Replacing EuSEF and EuVECA with SEF and RVECA