This consultation paper (CP) sets out our proposed policy changes to the way we will raise FCA fees from 2020/21. It is part of our annual cycle of consultation on fees.
Why we are changing
Each chapter of the CP deals with a self-contained area of policy, summarised below:
- Chapter 2 proposes a charge of £5,000 per year for proxy advisors.
- Chapter 3 proposes income as the basis for calculating periodic fees for Multi-lateral Trading Facilities (MTFs), Organised Trading Facilities (OTFs) and Recognised Overseas Investment Exchanges (ROIEs).
- Chapter 4 proposes changes to:
- Special project fees – updating who they apply to, adding a restructuring transaction, guidance to using relieving provisions where authorisation application fees are also payable
- D.1 fee-block designated professional bodies – incorporating in our rules the basis for calculating periodic fees
- E. fee-block premium listed issuer variable fee – change the valuation date
- Illegal money lending levy – updating cross references to FCA rules
- Proposed amendments to FEES App 3.1.2(2) to make clear that the 2019/20 fee-rate for persons registered under the Money Laundering Regulations covered by the G.1 fee-block, is £460
- Chapter 5 proposes an administration charge of £50 for fee-payers requiring paper invoices.
- Chapter 6 invites interested parties to share views on mechanisms for funding free-to-consumer debt advice in the UK, including the debt advice levies for the Money and Pensions Service (MaPS) and the devolved authorities.
Who this applies to
This document applies to all FCA fee-payers and to proxy agents who will be coming under our supervision over the coming year.
This CP is not directly relevant to retail financial services consumers, although our fees are indirectly paid by users of financial services.
Respond to this consultation
Please send us your comments by 13 January 2020.
You can also:
- email your responses to [email protected] or
- write to:
David Cheesman, Financial Conduct Authority, 12 Endeavour Square, London, E20 1JN for chapters 1-5 or
Lucinda Puls, Financial Conduct Authority, 12 Endeavour Square, London, E20 1JN for chapter 6
We will consider your comments and publish our feedback, along with our rules, in our Handbook Notice in February or March 2020.