AIFM and NPPR fees

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

    Authorised and registered 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 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 £2,500 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 be £250.

    Here are the application fees for each regime:

    Type of application


    New Authorisation (moderately complex)


    Variation of Permission (adding a fee block)


    Variation of Permission (not adding a fee block)


    Periodic fees

    AIFMs and 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.

    Periodic fees for firms passporting into the UK

    If you’re an incoming EEA firm that is passporting into the UK as a branch, you must pay periodic fees on the regulated activities you are conducting in the UK.

    If your firm passports into the UK on a services basis, you do not need to pay periodic fees.

    Small Registered UK AIFMs, EuSEF and EuVECA managers

    Registered AIFMs and EuSEF and EuVECA managers are subject to application and periodic fees of £750 each.

    For more information, refer to our Policy Statement - Implementation of the Alternative Investment Fund Managers Directive.

    National Private Placement Regime (NPPR) 

    NPPR application fees

    Once your firm has submitted a notification, we'll send an email to confirm that we have received it. If we are unable to process the notification, we'll let you know why and ask you to resubmit.

    We will process your notification once we have confirmation that your payment has been received.  We will send you an email to confirm your notification has been processed and we will issue with a notification number.

    Here are the application fees for each regime:

    Type of fund

    Fee per fund

    AIF marketed by above-threshold non-EEA AIFM (Regulation 59)


    AIF marketed by sub-threshold non-EEA AIFM (Regulation 58)


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


    Full-scope UK AIFMs marketing non-EEA AIFs under Article 36 £0

    Further details of application fees for NPPR are published in the FS 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 FS 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.

    Pay by BACS or CHAPS

    Credit transfers by BACS or CHAPS should be made to: 

    • Account Name: FCA Collection account
    • Bank Name: Lloyds Bank Plc
    • Account number: 00828179
    • Sort code: 30-00-02
    • Swift/BIC Code: LOYDGB2LCTY
    • IBAN: GB68 LOYD 3000 0200 8281 79

    When paying by credit transfer please ensure that you include the Fund Name and the Name of the AIFM.

    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.

    Fees for passporting into another Member State

    The UK does not charge an application fee for AIFMD outward or inward passport notifications. We are aware that certain other Member States are charging fees payable by UK firms, upon receipt of incoming AIFMD passport notifications.

    Venture capital firms that become authorised as 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.