We are consulting on our proposed regulatory fees and levies for the next financial year (1 April 2020 to 31 March 2021).
We are consulting on FCA periodic fees rates for the next financial year (2020/21) and the changes we are proposing to application fees or other fees. We are also consulting on the Financial Ombudsman Service general levy, Money and Pensions Service, Devolved Authorities and illegal money-lending levies for the next financial year.
All fee payers will be affected by this consultation.
Although fees are indirectly met by financial services consumers, there isn’t anything directly relevant to them or consumer groups in the consultation paper.
Given the impact of Covid-19, we have aimed to ensure that we protect the smallest firms by proposing a freezing of minimum fees. This means that the 71% of firms that are small enough to only pay minimum fees will see no change in the fees they pay.
To help medium and smaller firms we are proposing to extend the period for paying their fees by two months to 90 days.
This means that 89% of firms will have until the end of 2020 to pay their fees and levies. Larger firms will be expected to pay their fees under the usual payment terms.
We want to know what you think of our proposed:
Please read the paper and send us your comments by 19 May 2020 using the online response form on our website or write to us at the address on page 2.
You can also:
We will consider your comments on our proposals and, subject to FCA Board approval in June 2020, publish a Policy Statement in July, setting out the final rules and including our feedback on your comments.
Certain fee payers have been invoiced from February 2020 for ‘on-account’ payments. Other firms will be invoiced from July 2020, on the basis of the new fees and levies.