We are consulting on our proposed 2015/16 regulatory fees and levies.
Why are we consulting on this?
We are funded entirely by the fees and levies recovered from the firms we regulate – we receive no subsidies from other sources. The proposals in this Consultation Paper (CP) will enable us to raise the funding for the FCA, the Financial Ombudsman Service (excluding case fees) and the Money Advice Service to meet their statutory objectives in 2015/16. It also includes our proposals for consumer credit fees, the pensions guidance levies and fees for the Payment Systems Regulator (PSR).
This forms the second part of our consultation on 2015/16 fees. In November 2014 we published CP14/26 Regulatory fees and levies: policy proposals for 2015/16, in which we consulted on proposed changes to the underlying policy of these fee and levy regimes. In this paper, we give our feedback to the responses we received to CP14/26.
Who is this paper aimed at?
All fee-payers will be affected by this CP. This CP contains no material directly relevant to retail financial services consumers or consumers groups, although, indirectly, fees are met by financial services consumers.
What are the next steps?
We want to know what you think of our proposed 2015/16 fees and levies rates for the FCA periodic fees, consumer credit fees, the pensions guidance levies, PSR fees, the Financial Ombudsman Service and Money Advice Service levies.
Please send us your comments by 18 May 2015 by using our online response form or writing to the address in the paper.
We will consider your comments and subject to FCA Board approval in June, we plan to publish a Policy Statement, including feedback on those comments and final rules, at the end of June 2015.
Certain fee-payers have been invoiced from March 2015 for ‘on-account’ payments and other firms will be invoiced from July 2015, on the basis of the new fees and levies.
PSR fees – supplementary document published
On the PSR website, a supplementary paper has been published which provides some clarification of statements and tables made in chapter 7 of CP15/14. We are also extending the closing date for the consultation in chapter 8 of CP15/14 from 18 May to 6pm 29 May 2015. This extension of the closing date does not apply to any other part of CP15/14.
Want to find out more?
For more information see: