In this consultation paper, we feed back on the outcome of the consultation we conducted in March 2019 (CP19/13) on the structure of fees for recovering the costs of establishing and running the Office for Professional Body Anti-Money Laundering Supervision (OPBAS). We also set the fee rate for 2018/19 and are consulting on the fee rate for 2019/20.
Feedback on CP19/13
We consulted on removing the minimum fee threshold of 6,000 supervised individuals, below which professional body supervisors (PBSs) pay a fixed fee of £5,000 plus a variable rate on individuals supervised above the threshold. Instead, we proposed a flat rate fee of £20.59 on all the individuals supervised, subject to PBSs paying no less than £5,000.
Having considered the evidence presented to us, we have decided not to remove the threshold and to confirm our original fees model. We provide feedback in the CP.
On this basis, we have set the variable-rate fee for 2018/19 at £36.25 per supervised individual above the threshold of 6,000 individuals.
Proposal for consultation
We propose for consultation a variable rate fee of £44.36 for 2019/20.
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.
This consultation has now closed.
- issue invoices for the 2018/19 fees in August 2019
- ask the FCA Board in December 2019 to set the fee rate and we will publish feedback
- issue invoices for 2019/20 in the first quarter of 2020
- consult on the fee-rate for 2020/21 as part of the annual consultation on FCA fee rates in spring 2020