FEES 3

Application, Notification and Vetting Fees

FEES 3.1

Introduction

Application

FEES 3.1.1

See Notes

handbook-rule
This chapter applies to every person set out in column 1 of the Table of application, notification and vetting fees in FEES 3.2.7 R and FEES 3.2.7A R.

FEES 3.1.2

See Notes

handbook-guidance

This chapter does not apply to:

Purpose

FEES 3.1.3

See Notes

handbook-guidance
The purpose of this chapter is to set out the appropriate regulator fee paying requirements on the persons set out in FEES 1.1.2R (1).

FEES 3.1.4

See Notes

handbook-guidance
Most of the detail of what fees are payable by the persons referred to in FEES 3.1.3 G is set out in FEES 3 Annex 1 - FEES 3 Annex 10 R.

FEES 3.1.5

See Notes

handbook-guidance
  1. (1) The rates set for authorisation fees represent an appropriate proportion of the costs of the appropriate regulator in processing the application or exercise of Treaty rights.
  2. (2) [deleted]
  3. (3) [deleted]

FEES 3.1.6

See Notes

handbook-guidance
Applications for Part 4A permission (and exercises of Treaty rights) are categorised by the appropriate regulator for the purpose of fee raising as complex, moderately complex and straightforward as identified in FEES 3 Annex 1. This differentiation is based on the permitted activities sought and does not reflect the appropriate regulator's risk assessment of the applicant (or Treaty firm).

FEES 3.1.7

See Notes

handbook-guidance
A potential applicant for Part 4A permission (or Treaty firm) has the opportunity to discuss its proposed application (or exercise of Treaty rights) with the appropriate regulator before submitting it formally. If an applicant for Part 4A permission (or Treaty firm) does so, the appropriate regulator will be able to use that dialogue to make an initial assessment of the fee categorisation and therefore indicate the authorisation fee that should be paid.

FEES 3.2

Obligation to pay fees

General

FEES 3.2.1

See Notes

handbook-rule

A person in column (1) of the table in FEES 3.2.7 R and, if applicable, FEES 3.2.7A R as the relevant fee payer for a particular activity must pay to the FCA (in its own capacity or, if the fee is payable to the PRA, in its capacity as collection agent for the PRA) a fee for each application or request for vetting, or request for support relating to compatibility of its systems with appropriate regulator systems, or admission approval made, or notification or notice of exercise of a Treaty right given, or other matter as is applicable to it, as set out or calculated in accordance with the provisions referred to in column (2) of the appropriate table:

  1. (1) in full and without deduction; and
  2. (2) on or before the date given in column (3) of that table.

FEES 3.2.2

See Notes

handbook-guidance
If an application for a Part 4A permission (or exercise of a Treaty right) falls within more than one category set out in FEES 3 Annex 1, only one fee is payable. That fee is the one for the category to which the highest fee tariff applies.

Method of payment

FEES 3.2.3

See Notes

handbook-rule
  1. (1) Unless (2) or (3) applies, the sum payable under FEES 3.2.1 R must be paid by bankers draft, cheque or other payable order.
  2. (2) The FCA does not specify a method of payment for a person seeking to:
    1. (a) become a recognised body or a designated professional body; or
    2. (b) be added to the list of designated investment exchanges or accredited bodies.
  3. (3) The sum payable under FEES 3.2.1 R by a firm applying for a variation of its Part 4A permission (FEES 3.2.7 R(p) and, if applicable, FEES 3.2.7A R (c)) must be paid by any of the methods described in (1) or by Maestro, Visa Debit or credit card (Visa/Mastercard only). Any payment by a permitted credit card must include an additional 2% of the sum paid.

FEES 3.2.5

See Notes

handbook-guidance
  1. (1) The appropriate authorisation or registration fee is an integral part of an application for, or an application for a variation of, a Part 4A permission, authorisation, registration or variation under the Payment Services Regulations or the Electronic Money Regulations, or notification or registration under the AIFMD UK regulation. Any application or notification received by the appropriate regulator without the accompanying appropriate fee, in full and without deduction (see FEES 3.2.1 R), will not be treated as an application or notification made, incomplete or otherwise, in accordance with section 55U(4), or section 55H or 55I (as the case may be), of the Act or regulation 5(3) or 12(3) of the Payment Services Regulations or regulation 5 or 12 of the Electronic Money Regulations or regulation 11(1) and 60(a) of the AIFMD UK regulation. Where this is the case, the appropriate regulator will contact the applicant to point out that the application cannot be progressed until the appropriate fee has been received. In the event that the appropriate authorisation fee, in full and without deduction, is not forthcoming, the application will be returned to the applicant and no application will have been made.
  2. (2) With the exception of persons seeking to become a designated professional body, all applications, notifications, requests for vetting or admission approval will be treated as incomplete until the relevant fee is fully paid and the appropriate regulator will not consider an application, notification, request for vetting or admission approval until the relevant fee is fully paid. Persons seeking to become a designated professional body have 30 days after the designation order is made to pay the relevant fee.

FEES 3.2.6

See Notes

handbook-guidance
Fees paid under this chapter are not refundable.

FEES 3.2.7A

See Notes

handbook-rule

Table of application, notification and vetting fees payable to the PRA

FEES 3 Annex 1

Authorisation fees payable

See Notes

handbook-rule
Part 1 - Authorisation fees payable
For PRA-authorised persons and persons seeking to become PRA-authorised persons, the amount payable to the PRA is 50% of the amount payable under Part 1 and the amount payable to the FCA is 50% of the amount payable under Part 1. The amount payable to the PRA above is collected by the FCA as agent of the PRA.

For FCA-authorised persons and persons seeking to become FCA-authorised persons, the amount payable to the FCA is the amount payable under Part 1, No amount is payable to the PRA. Part 2 - Complexity Groupings Straightforward Cases
Moderately Complex Cases
Complex Cases R
Part 4 - Authorisation Fees for Treaty Firms R
Part 5 - Activity Groupings R
Part 6 - Change of legal status
Part 7 - Change of legal status - sponsors fees

FEES 3 Annex 6

Fees payable for a permission or guidance on its availability in connection with the Basel Capital Accord

See Notes

handbook-rule
Part 1 Fees payable other than in relation to the counterparty credit risk internal model method. Part 2
Fees payable in relation to the counterparty credit risk internal model method.
54,000

FEES 3 Annex 9

Special Project Fee for restructuring

See Notes

handbook-rule

FEES 3 Annex 10

Fees payable for authorisation as an authorised electronic money institution or registration as a small electronic money institution or variation thereof, including notification fees, in accordance with the Electronic Money Regulations

See Notes

handbook-rule
Authorisation, registration and variation fees payable

FEES 3 Annex 11

Guidance on fees due under FEES 3.2.7R and FEES 3.2.7AR

See Notes

handbook-guidance
The following table sets out guidance on how a firm liable to pay a fee under both FEES 3.2.7 R (s) and FEES 3.2.7 R (ze) in respect of fees payable to the FCA and FEES 3.2.7AR(e) and FEES 3.2.7AR(d) in respect of fees payable to the PRA for the same transaction should expect to be treated.

Firms liable under both FEES 3.2.7R(s) and FEES 3.2.7R(ze) in respect of fees payable to the FCA and FEES 3.2.7AR (e) and FEES 3.2.7AR(d) in respect of fees payable to the PRA