CP18/32: Recovering the costs of the Office for Professional Body Anti-Money-laundering Supervision (OPBAS): proposed fee rates for 2018/19

Open consultation: CP18/32
18/10/2018
18/10/2018
Consultation closes
14/12/2018
Policy Statement
January 2019

We are consulting on the fee-rate we propose to charge professional body supervisors (PBSs) in 2018/19 to recover the costs of establishing and running the Office for Professional Body Anti-Money Laundering Supervision (OPBAS). We are also consulting on the timetable for reporting data in the future and confirming the minimum fee structure. This follows our consultation in October 2017 on the framework of OPBAS fees (CP17/35) and our policy statement (PS18/9) published in April 2018.

Read CP18/32 (PDF)

Update

On the basis of the latest tariff data submitted, the fee-rate we are consulting on is £41.03 per individual and not £45.49 as quoted in the CP.

Proposals

We are proposing to:

  • charge a fee of £41.03 per supervised individual for 2018/19
  • align the timetable for reporting the number of individuals PBSs supervise with the annual reports they submit to the Treasury – that is say, they should report by 31 October preceding the relevant fee-year the latest figure available for the year ending the previous 5 April
  • allow PBSs to submit their figures for the 2019/20 fees by 28 February 2019 instead of 31 October 2018, since our rules will not come into effect until January 2019

We are also confirming in the CP that, as proposed in CP 17/35, we will charge a minimum fee of £5,000 for PBSs supervising up to 6,000 individuals. The variable rate is payable on individuals above that threshold.

Who this applies to

This CP applies to the PBSs listed in Schedule 1 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 and any other professional bodies considering applying to be listed.

It will also be of interest to designated professional bodies.

What you need to do

Please send us your comments by 14 December 2018.

Online response form

You can also:

  • email your responses to [email protected]
  • write to us at: David Cheesman, Financial Conduct Authority, 12 Endeavour Square, London, E20 1JN