AIFM and NPPR fees

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

    Authorised and registered AIFMs 

    Application fees must be paid in full at the same time as submitting your application. This fee is non-refundable and we do not issue invoices for it.

    The new ‘Managing an AIF’ and ‘Managing a UCITS’ activities fall into both fee-block A.7 (Portfolio Managers) and A.9 (Managers and depositaries of investment funds and operators of CIS or pension schemes), except venture capital firms who fall into fee-block A.7 only. Applications for these fee-blocks are classed as ‘Moderately Complex’.

    If an existing firm is in only one of the fee blocks at the point of applying for one of these new activities, then the application fee payable is £2,500 as a new fee block will be added.

    If a firm is already in both A.7 and A.9 before applying for one of these new activities then the application fee payable is £250.

    We have outlined the application fees schedule for the different regimes below.

    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 A.7 for their portfolio management activities and fees in A.9 for their risk management and administrative activities.

    A firm who becomes authorised or fall into a new fee-block during the fee year will pay a periodic fee, pro-rated according to the month of authorisation.

    Small Registered UK AIFMs

    In line with our Policy Statement - Implementation of the Alternative Investment Fund Managers Directive, registered AIFMs will be subject to application and periodic fees of £750 each.

    EuSEF and EuVECA

    As outlined in the Policy Statement, we do not currently consider it appropriate to charge registered EuSEF and EuVECA managers a different fee to that levied on other categories of registered AIFMs. As such, an application and periodic fee of £750 will apply. We will keep these arrangements under review.

    National Private Placement Regime (NPPR) 

    NPPR application fees

    Once a firm has submitted a notification, we will send an email to confirm that we have received it. If we are unable to process the notification, we will inform the firm of the reason why and ask them to resubmit. We will also inform firms once their notification has been successfully processed. At this point we will issue a notification number and ask firms to submit a cheque, in GBP, for the full payment. Please note we do not provide invoices for application, registration or notification fees.

    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


    Further details of application fees for NPPR are published in the FS Handbook: FEES 3.2.7 R and FEES 3 Annex 2 R.

    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.

    Frequently asked questions 

    When paying fees by cheque, who should they be made payable to?

    Cheques should be made payable to the Financial Conduct Authority, with the firm name, Firm Reference Number (FRN) (where applicable) and application type written on the back and enclosed with the application form. To pay using a credit or debit card (for firms that are already authorised), please do not enter the details on the application form. We will contact you to ask for the details.

    How should I submit fees for the National Private Placement Regime?

    Please write the notification number on the back of your cheque and send it to: NPPR Notifications, Fund Authorisations Department, Financial Conduct Authority, 12 Endeavour Square, London, E20 1JN.

    What FCA rules apply to fees?

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

    My firm is an authorised, internally managed AIF − in which fee-block do we belong?

    Authorised internally-managed AIFs will fall into fee-blocks A7 and A9. However, in fee-block A9 the 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 their income.

    Will there be a fee 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.

    Will there be a periodic fee for firms passporting into the UK?

    Incoming EEA firms that are passporting into the UK as a branch are required to pay periodic fees on the regulated activities they are conducting in the UK. We do not require firms that passport into the UK on a services basis to pay periodic fees.

    What is the fee regime for venture capital firms who 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.