FEES 4

Periodic fees

FEES 4.1

Introduction

Application

FEES 4.1.1

See Notes

handbook-rule
This chapter applies to every person set out in FEES 1.1.2R (2).

Purpose

FEES 4.1.2

See Notes

handbook-guidance
The purpose of this chapter is to set out the requirements on firms and others to pay periodic fees and transaction reporting fees in certain circumstances.

Background

FEES 4.1.3

See Notes

handbook-guidance
Most of the detail of the periodic fees that are payable by firms is set out in FEES 4 Annexes 1A to 11BR. FEES 4 Annex 12 G and (for the FCA only) FEES 4 Annex 13 G provide guidance on the calculation of certain tariffs. Most of the provisions of the Annexes will vary from one fee year to another. Accordingly fresh FEES 4 Annexes will come into force, following consultation, for each fee year.

FEES 4.1.5

See Notes

handbook-guidance
The Society of Lloyd's, which has permission, has its own fee block.

FEES 4.1.7

See Notes

handbook-guidance
In the case of periodic fees for firms, fees are calculated individually for each firm, but they may be paid on a group basis, if the group so wishes.

FEES 4.2

Obligation to pay periodic fees

General

FEES 4.2.1

See Notes

handbook-rule

A person shown in column (1) of the table in FEES 4.2.11 R and, if applicable, FEES 4.2.11AR as the relevant fee payer must pay each periodic fee applicable to it, calculated in accordance with the provisions referred to in column (2) of the applicable table, as adjusted by any relevant provision in this chapter:

  1. (1) in full and without deduction (unless permitted or required by a provision in FEES); and
  2. (2) on or before the date given in column (3) of that table, unless FEES 4.2.10 R applies.

FEES 4.2.2

See Notes

handbook-guidance
  1. (1) A relevant fee payer will be required to pay a periodic fee for every year during which they have the status in column 1 of the table in FEES 4.2.11 R and/or FEES 4.2.11AR (or in relation to collective investment schemes, for every year during which it is a regulated collective investment scheme) subject to any reductions or exemptions applicable under this chapter. If a person is the relevant fee payer for more than one status listed in column 1 of the table in FEES 4.2.11 R and/or FEES 4.2.11AR (or in relation to collective investment schemes, the relevant fee payer for more than one regulated collective investment scheme) he will be required to pay a fee in relation to each.
  2. (2) [deleted]

FEES 4.2.3

See Notes

handbook-guidance
The FCA will issue invoices in respect of the FCA and PRA to firms and other fee payers and expects to do so at least 30 days before the dates on which payments fall due under FEES 4.2.1 R.

Method of payment

FEES 4.2.4

See Notes

handbook-rule
  1. (1) A periodic fee must be paid using either direct debit, credit transfer (BACS/CHAPS), cheque, Maestro, Visa Debit or by credit card (Visa/Mastercard only). Any payment by permitted credit card must include an additional 2% of the sum paid.
  2. (2) [deleted]

Modifications for persons becoming subject to periodic fees during the course of a fee year

FEES 4.2.6

See Notes

handbook-rule
  1. (1) For the fee year during which the event described in column 4 of the table in FEES 4.2.11 R and/or FEES 4.2.11AR, giving rise to, or giving rise to an increase in, the fee payable in FEES 4.2.1 R occurs, the periodic fee required under FEES 4.2.1 R is modified for:
    1. (a) firms (other than AIFM qualifiers, ICVCs and UCITS qualifiers) in accordance with FEES 4.2.7 R and FEES 4.2.8 R;
    2. (b) all other fee payers in column (1) of the table in FEES 4.2.11 R or FEES 4.2.11A R, in accordance with the formula set out below.
  1. (2) [deleted]

FEES 4.2.7

See Notes

handbook-rule

A firm (other than an AIFM qualifier, ICVC or UCITS qualifier) which becomes authorised or registered, or whose permission and/or payment service activities are extended, during the course of the fee year must pay a fee which is calculated by:

  1. (1) identifying each of the tariffs set out in Part 1 of FEES 4 Annex 2AR, Part 1 of FEES 4 Annex 2BR and/or Part 1 of FEES 4 Annex 11 as appropriate for the relevant fee year that apply to the firm only after the permission is received or extended or payment service activities are authorised or registered or extended or electronic money issuance activities are authorised or registered under the Electronic Money Regulations;
  2. (2) calculating the amount for each of the applicable tariffs which is the higher of:
    1. (a) any applicable minimum fee specified in relation to a particular tariff in FEES 4 Annex 2AR or FEES 4 Annex 2BR (but note, for the avoidance of doubt, that these are not the A.0 or PA.0 minimum fees set out under Part 2 of FEES 4 Annex 2AR and Part 2 of FEES 4 Annex 2BR); and
    2. (b) the result of applying the tariff to the projected valuation, for its first year (as provided in the course of the firm's application), of the business to which the tariff relates;
  3. (3) adding together the amounts calculated under (2) in relation to fees payable to the FCA and, if applicable, separately adding together the amounts calculated under (2) in relation to the fees payable to the PRA;
  4. (4) working out whether an A.0 or a PA.0 minimum fee is payable under Part 2 of FEES 4 Annex 2AR or Part 2 of FEES 4 Annex 2BR (except that minimum fee is not payable again by a firm whose permission is extended if the fee was already payable before the extension);
  5. (4A) working out whether an AP.0 FCA prudential fee is payable under Part 2 of FEES 4 Annex 2AR and if so how much;
  6. (4B) working out whether a PT.1 PRA transitional fee is payable under Part 2 of FEES 4 Annex 2BR and if so how much;
  7. (5) adding together the amounts calculated under (3), (4) and (4A) that relate to fees payable to the FCA and then adding this sum to any applicable flat rate fee, and, if applicable, separately adding together the amounts calculated under (3), (4) and (4B) that relate to fees payable to the PRA and then adding this sum to any applicable flat rate fee; and
  8. (6) modifying the result for the FCA and, if applicable, the PRA in accordance with the formula set out in FEES 4.2.6 R (except that FEES 4 Annex 10R (Periodic fees for MTF operators) deals with a firm that receives permission for operating a multilateral trading facility or has its permission extended to include this activity during the course of the relevant fee year and FEES 4.2.6 R does not apply).

FEES 4.2.7A

See Notes

handbook-guidance
Projected valuations for a firm's first year will be collected for the 12 month period beginning with the date a firm becomes authorised or registered, or the date its permission and/or payment service activities are extended. That information will be used to calculate the periodic fee for the remainder of the fee year in which the firm was authorised or registered or its permission and/or payment service activities were extended (adjusted in accordance with FEES 4.2.7 R) and to calculate the periodic fee for the following fee year. Projected valuations are not relevant for those fee payers that are only required to pay fixed fees.

FEES 4.2.7B

See Notes

handbook-rule
  1. (1) This rule deals with the calculation of:
    1. (a) a firm's fees for its second and subsequent fee year. These are the fee years years following the fee year in which it was given permission and/or was authorised or registered under the Payment Services Regulations or the Electronic Money Regulations or had its permission and/or payment services activities extended (the relevant permissions); and
    2. (b) the tariff base for the fee block or fee blocks that relate to each of the relevant permissions.
  2. (2) The starting point for calculating the fees referred to in (1)(a) is determining whether or not the firm's tariff base for the relevant fee year can be calculated using data from a complete period (as specified in Part 5 of FEES 4 Annex 1AR, Part 5 of FEES 4 Annex 1BR or Part 4 of FEES 4 Annex 11 R) that begins on or after the date that the firm obtained the relevant permission to which that tariff base relates.
    1. (a) If it can, the firm must use that data for calculating its tariff base.
    2. (b) If it cannot, the tariff base must be calculated using the projected valuations for its first year of the business to which the tariff relates (as provided in the course of the firm's application), unless (5)(b) or 5(c) applies.
  3. (3) This rule does not apply to a firm with a permission for operating a multilateral trading facility.
  4. (4) [deleted]
  5. (5)
    1. (a) [deleted]
    2. (b) If a firm:
      1. (i) receives a relevant permission between 1 April and 31 December inclusive; and
      2. (ii) is, but for this rule, required to calculate its tariff base for that relevant permission by reference to the average of its modified eligible liabilities for October, November and December;
    3. it must calculate that tariff base as at the December before the start of the fee year.
    4. (c) If a firm:
      1. (i) is, but for this rule, required to calculate its tariff base for the relevant permission by reference to the firm's financial year ended in the calendar year ending on the 31 December before the start of the fee year and, since obtaining the relevant permission, the firm has yet to complete a full financial year ended in the calendar year ending on the 31 December before the start of the fee year; or
      2. (ii) is, but for this rule, required to calculate its tariff base by reference to the twelve months ending on the 31 December before the start of the fee year and, since obtaining the relevant permission, the firm has yet to complete a full twelve months ending on the 31 December before the start of the fee year;
    5. it must calculate the tariff base under (d) below unless it is in its second fee year and was authorised between 1 January and 1 April (in which case it must use the projected valuations provided for in (2)(b) above).
    6. (d) If a firm satisfies either of the conditions in (c) it must calculate its tariff base as follows:
      1. (i) it must use actual data in relation to the business to which the tariff relates rather than projected valuations;
      2. (ii) in respect of firms satisfying condition (5)(c)(i), the tariff is calculated by reference to the period beginning on the date it acquired the relevant permission relating to the tariff, and ending on either the 31 December before the start of the fee year or, if earlier, the start date of the firm's financial year; and
      3. in respect of firms satisfying condition (5)(c)(ii), the tariff is calculated by reference to the period beginning on the date on which it acquired the relevant permission, and ending on the 31 December before the start of the fee year
      4. (iii) the figures are annualised by increasing them by the same proportion as the period of 12 months bears to the period starting from when the firm received its relevant permission to to the relevant period end date specified in (ii).
    7. (e) Where a firm is required to use the method in (d) it must notify the FCA (in its own capacity and, if applicable, in its capacity as collection agent for the PRA) of this by the date specified in FEES 4.4 (Information on which Fees are calculated).
    8. (f) Where a firm is required to use actual data under this rule FEES 4 Annex 1AR Part 5, FEES 4 Annex 1BR Part 5 and FEES 4 Annex 11 Part 4, are modified, where applicable, in relation to the calculation of that firm's valuation date in the fee years to which this rule applies.

Application of FEES 4.2.7BR

FEES 4.2.7C

See Notes

handbook-guidance
The table below sets out the period within which a firm's tariff base is calculated (the data period) for second year fees calculated under FEES 4.2.7B R. The example is based on a firm that acquires permission on 1 November 2009 and has a financial year ending 31 March. Where valuation dates fall before the firm receives permission it should use projected valuations in calculating its fees.

References in this table to dates or months are references to the latest one occurring before the start of the appropriate regulator's fee year unless otherwise stated.

FEES 4.2.8

See Notes

handbook-rule
In relation to an incoming EEA firm or an incoming Treaty firm the modification provisions of FEES 4.2.7 R apply only in relation to the relevant regulated activities of the firm, which are passported activities or Treaty activities and which are carried on in the United Kingdom, and which are not provided on a cross border services basis. For payment services and electronic money issuance, the adjustment only applies to the business to which the calculation made in FEES 4.3.12A R relates.

Fee payers ceasing to hold relevant status or reducing the scope of their permission after start of relevant period

FEES 4.2.9

See Notes

handbook-guidance

The appropriate regulator will not refund periodic fees if, after the start of the period to which they relate:

  1. (1) a fee payer ceases to have the status set out in column (1) of the table in FEES 4.2.11 R or FEES 4.2.11AR; or
  2. (2) a firm reduces its permission or payment services activities so that it then falls out of the fee-block previously applied to it;

(but see FEES 2.3 (Relieving Provisions) and FEES 4.3.13 R (Firms Applying to Cancel or Vary Permission Before Start of Period)).

Extension of Time

FEES 4.2.10

See Notes

handbook-rule

A person need not pay a periodic fee on the date on which it is due under the relevant provision in FEES 4.2.1 R, if:

  1. (1) that date falls during a period during which circumstances of the sort set out in GEN 1.3.2 R (Emergencies) exist, and that person has reasonable grounds to believe that those circumstances impair its ability to pay the fee, in which case he must pay it on or before the fifth business day after the end of that period; or
  2. (2) unless FEES 4.3.6R (3), FEES 4.3.6R (4) or FEES 4.3.6R (4A) (Time and method for payment) applies, that date would otherwise fall on or before the 30th day after the date on which the FCA (in its own capacity or in its capacity as agent for the PRA) has sent written notification to that person of the fee payable on that date, in which case he must pay on or before the 30th day after the date on which the FCA sends the notification.

FEES 4.2.10A

See Notes

handbook-rule
A CRR firm need not pay a periodic fee on the date on which it is due under the relevant provision in FEES 4.2.1 R, if that date falls during a period during which circumstances of the sort set out in General Provisions 2.2 in the PRA Rulebook exist, and that firm has reasonable grounds to believe that those circumstances impair its ability to pay the fee, in which case the firm must pay it on or before the fifth business day after the end of that period.

FEES 4.2.11A

See Notes

handbook-rule
Table of periodic fees payable to the PRA

FEES 4.3

Periodic fee payable by firms (other than AIFM qualifiers, ICVCs and UCITS qualifiers)

FEES 4.3.1

See Notes

handbook-rule

The periodic fee payable by a firm (except an AIFM qualifier, ICVC or a UCITS qualifier) is:

  1. (1) each periodic fee applicable to it calculated in accordance with FEES 4.3.3 R, using information obtained in accordance with FEES 4.4; plus
  2. (1A) any periodic fee applicable to it calculated in accordance with FEES 4.3.3A R using information relating to its UK business obtained in accordance with FEES 4.4 (or by other means in the case of the Bank of England); less
  3. (2) any deductions from the periodic fee specified in Part 2 of FEES 4 Annex 2AR, FEES 4 Annex 2BR or Part 7 of FEES 4 Annex 11.

FEES 4.3.2

See Notes

handbook-guidance
  1. (1) The amount payable by each firm will depend upon the category (or categories) of regulated activities or payment services it is engaged in (fee-blocks) and whether it is issuing electronic money, and on the amount of business it conducts in each category (tariff base). The fee-blocks and tariffs are identified in FEES 4 Annex 1AR in respect of the FCA and FEES 4 Annex 1BR in respect of the PRA (and guidance on calculating certain of the tariffs is at FEES 4 Annex 12 G and (for the FCA only) FEES 4 Annex 13G), while FEES 4 Annex 2AR in respect of the FCA and FEES 4 Annex 2BR in respect of the PRA set out the tariff rates for the relevant fee year. In the case of firms that provide payment services and/or issue electronic money, the relevant fee blocks, tariffs and rates are set out in FEES 4 Annex 11.
  2. (2) Incoming EEA firms, incoming Treaty firms, EEA authorised payment institutions and EEA authorised electronic money institutions receive a discount to reflect the reduced scope of the appropriate regulator's responsibilities in respect of them. The level of the discount varies from fee-block to fee-block, according to the division of responsibilities between the appropriate regulator and Home state regulators for firms in each fee-block (see FEES 4.3.11 G, FEES 4.3.12 R and FEES 4.3.12A R).

Calculation of periodic fee (excluding fee-paying payment service providers and fee-paying electronic money issuers)

FEES 4.3.3

See Notes

handbook-rule

The periodic fee referred to in FEES 4.3.1 R is (except in relation to the Society, fee-paying payment service providers and fee-paying electronic money issuers) calculated as follows:

  1. (1) identify each of the tariffs set out in Part 1 of FEES 4 Annex 2AR and Part 1 of FEES 4 Annex 2BR which apply to the business of the firm for the period specified in that annex;
  2. (2) for each of the applicable tariffs, calculate the sum payable in relation to the business of the firm for that period;
  3. (3) add together the amounts calculated under (2) in relation to fees payable to the FCA and, if applicable, separately add together the amounts calculated under (2) in relation to the fees payable to the PRA;
  4. (4) work out whether an A.0, CC.0 or a PA.0 minimum fee is payable under Part 2 of FEES 4 Annex 2AR and Part 2 of FEES 4 Annex 2BR and if so how much (except that that minimum fee is not payable again by a firm whose permission is extended if the fee was already payable before the extension);
  5. (4A) work out whether an AP.0 FCA prudential fee is payable under Part 2 of FEES 4 Annex 2AR and if so how much;
  6. (4B) work out whether a PT.1 PRA transitional fee is payable under Part 2 of FEES 4 Annex 2BR and if so how much;
  7. (5) add together the amounts calculated under (3), (4) and (4A) that relate to fees payable to the FCA and, if applicable, separately adding together the amounts calculated under (3), (4) and (4B) that relate to fees payable to the PRA; and
  8. (6) apply any applicable payment charge specified in FEES 4.2.4 R, provided that:
    1. (a) for payment by direct debit, successful collection of the amount due is made at the first attempt by the FCA (in its own capacity and, if applicable, in its capacity as agent for the PRA); or
    2. (b) for payment by credit transfer, the amount due is received by the FCA (in its own capacity and, if applicable, in its capacity as agent for the PRA) on or before the due date.

Modification for firms with new or extended permissions

FEES 4.3.4

See Notes

handbook-guidance
  1. (1) A firm which becomes authorised or registered during the course of a fee year will be required to pay a proportion of the periodic fee which reflects the proportion of the year for which it will have a permission or the right to provide particular payment services or the right to issue electronic money - see FEES 4.2.5 G and FEES 4.2.6 R.
  2. (2) Similarly a firm which extends its permission or its right to provide particular payment services so that its business then falls within additional fee blocks will be required to pay a further periodic fee under this section for those additional fee blocks, but discounted to reflect the proportion of the year for which the firm has the extended permission or payment services activity - see FEES 4.2.6 R and FEES 4.2.7 R.
  3. (3) These provisions apply (with some changes) to incoming EEA firms, incoming Treaty firms, EEA authorised payment institutions and EEA authorised electronic money institutions.
  4. (4) These provisions do not apply to a firm's periodic fees in relation to its permission for operating a multilateral trading facility obtained from the FCA during the course of a fee year.

Amount payable by the Society of Lloyd's

FEES 4.3.5

See Notes

handbook-rule
The periodic fee referred to in FEES 4.3.1 R in relation to the Society is specified against its name in FEES 4 Annex 2AR and FEES 4 Annex 2BR.

Time of payment

FEES 4.3.6

See Notes

handbook-rule
  1. (1) Subject to FEES TP 8, if the firm's, designated professional body's, recognised investment exchange's, or regulated covered bond issuer's periodic fee for the previous fee year was at least £50,000, it must pay the FCA:
    1. (a) an amount equal to 50% of the FCA periodic fee payable for the previous fee year, by 30 April or, if later, within 30 days of the date of the invoice, in the fee year to which the sum due under FEES 4.2.1 R relates; and
    2. (b) the balance of the FCA periodic fee due for the current fee year by 1 September or, if later, within 30 days of the date of the invoice, in the fee year to which that sum relates.
  2. (1A) Subject to FEES TP 8, if the firm is also a PRA-authorised person and its periodic fee for the previous fee year was at least 50,000, it must pay the PRA (through the FCA acting as its collection agent):
    1. (a) an amount equal to 50% of the PRA periodic fee payable for the previous fee year, by 30 April in the fee year to which the sum due under FEES 4.2.1 R relates; and
    2. (b) the balance of the PRA periodic fee due for the current fee year by 1 September or, if later, within 30 days of the date of the invoice, in the fee year to which that sum relates.
  3. (1B) If the firm paid periodic fees to both the FCA and the PRA in the previous fee year, FEES 4.3.6R (1) and (1A) only apply if the firm's combined FCA and PRA periodic fees for that fee year were at least £50,000.
  4. (2) If the firm's, designated professional body's, recognised investment exchange's, or regulated covered bond issuer's periodic fee for the previous fee year was less than £50,000, it must pay the periodic fee due in full by 1 August or, if later, within 30 days of the date of the invoice in the fee year to which that sum relates.
  5. (3) If a firm has applied to cancel its Part 4A permission in the way set out in SUP 6.4.5 D (Cancellation of permission), or its status as a payment institution under regulation 10 of the Payment Services Regulations (Cancellation of authorisation) or as regulation 10 is applied by regulation 14 of the Payment Services Regulations (Supplementary provisions), or its status as an electronic money issuer under regulation 10 of the Electronic Money Regulations (Cancellation of authorisation) or as regulation 10 is applied by regulation 15 of the Electronic Money Regulations (Supplementary provisions), then (1) and (2) do not apply but it must pay the total amount due when the application is made.
  6. (4) If the appropriate regulator has exercised its own-initiative powers to cancel a firm's Part 4A permission, then (1) and (2) do not apply but the firm must pay the total amount due immediately before the cancellation becomes effective.
  7. (4A) If the FCA has cancelled a firm's authorisation or registration under regulation 10 of the Payment Services Regulations or regulation 10 of the Electronic Money Regulations or its registration under regulation 10 as applied by regulation 14 of the Payment Services Regulations or its registration under regulation 10 as applied by regulation 15 of the Electronic Money Regulations, then (1) and (2) do not apply but the firm must pay the total amount due immediately before the cancellation becomes effective.
  8. (5) [deleted]
  9. (5A) (In relation to PRA-authorised persons only) paragraphs (1A) and (2) do not apply to any Solvency 2 Special Project fee or Solvency 2 Implementation fee (as defined in FEES 4 Annex 2B) and such fees are not taken into account for the purposes of the split in (1A). Instead any Solvency 2 Special Project fee or Solvency 2 Implementation fee is payable on the date specified in (1A)(b) or (2) (depending on which applies to the rest of its periodic fee) or any earlier date required by (3) or (4).
  10. (6) Paragraphs (1) and (2) do not apply to any periodic fee in relation to a firm's permission for operating a multilateral trading facility and such a fee is not taken into account for the purposes of the split in (1). Instead any fee for this permission is payable on the date specified in FEES 4 Annex 10 (Periodic fees for MTF operators).

FEES 4.3.6A

See Notes

handbook-rule
If a firm has applied to cancel its Part 4A permission in the way set out in Permissions and Waivers 2 of the PRA Rulebook, then FEES 4.3.6R (1) and (2) do not apply but it must pay the total amount due when the application is made.

Groups of firms

FEES 4.3.7

See Notes

handbook-rule

A firm which is a member of a group may pay all of the amounts due from other firms in the same group under FEES 4.2.1 R, if:

  1. (1) it notifies the FCA (in its own capacity and, if applicable, in its capacity as agent for the PRA) in writing of the name of each other firm within the group for which it will pay; and
  2. (2) it pays the fees, in accordance with this chapter, as a single amount as if that were the amount required from the firm under FEES 4.2.1 R.

FEES 4.3.8

See Notes

handbook-guidance
A notification under FEES 4.3.7R (1) should be made in accordance with SUP 15.7 (Form and method of notification).

FEES 4.3.9

See Notes

handbook-guidance

If the payment made does not satisfy in full the periodic fees payable by all of the members of the group notified to the FCA under FEES 4.3.7 R, the FCA (in its own capacity and, if applicable, in its capacity as agent for the PRA) will apply the sum received among the firms which have been identified in the notification given under FEES 4.3.7R (1) in proportion to the amounts due from them. Each firm will remain responsible for the payment of the outstanding balance attributable to it.

FEES 4.3.10

See Notes

handbook-guidance
If a firm pays its fees through an agent outside the scope of FEES 4.3.7 R, the firm is responsible for ensuring that the FCA (in its own capacity and, if applicable, in its capacity as agent for the PRA) is informed that the sum being paid is for that firm's periodic fees.

Incoming EEA firms, incoming Treaty firms, EEA authorised payment institutions and EEA authorised electronic money institutions

FEES 4.3.11

See Notes

handbook-guidance
The appropriate regulator recognises that its responsibilities in respect of an incoming EEA firm, an incoming Treaty firm, an EEA authorised payment institution or an EEA authorised electronic money institution are reduced compared with a firm which is incorporated in the United Kingdom. Accordingly the periodic fees which would otherwise be applicable to incoming EEA firms, incoming Treaty firms, EEA authorised payment institutions and EEA authorised electronic money institutions are reduced.

FEES 4.3.12

See Notes

handbook-rule

For an incoming EEA firm, (excluding MTF operators), or an incoming Treaty firm, the calculation required by FEES 4.3.3 R is modified as follows:

  1. (1) the tariffs set out in Part 1 of FEES 4 Annex 2AR and, if applicable, Part 1 of FEES 4 Annex 2BR are applied only to the regulated activities of the firm which are carried on in the United Kingdom; and
  2. (2) those tariffs are modified in accordance with Part 3 of FEES 4 Annex 2AR and, if applicable, Part 3 of FEES 4 Annex 2BR.

Firms Applying to Cancel or Vary Permission Before Start of Period

FEES 4.3.13

See Notes

handbook-rule
  1. (1) If:
    1. (a) a firm makes an application to vary its permission (by reducing its scope), or cancel it, in the way set out in SUP 6.3.15 D (3) (Variation of permission) and SUP 6.4.5 D (Cancellation of permission), or applies to vary (by reducing its scope) or cancel its authorisation or registration (regulation 8 and 10(1) of the Payment Services Regulations including as applied by regulation 14 of the Payment Services Regulations) or applies to cancel its authorisation or registration (regulation 10 and 12 of the Electronic Money Regulations including as applied by regulation 15 of the Electronic Money Regulations); an issuer makes an application for de-listing; or a sponsor notifies the FCA of its intention to be removed from the list of approved sponsors; and
    2. (b) the firm, issuer or sponsor makes the application or notification referred to in (a) before the start of the fee year to which the fee relates;
  2. FEES 4.2.1 R applies to the firm as if the relevant variation or cancellation of the firm's permission or authorisation or registration under the Payment Services Regulations or the Electronic Money Regulations, de-listing or removal from the list of approved sponsors, took effect immediately before the start of the fee year to which the fee relates.
  3. (2) But (1) does not apply if, due to the continuing nature of the business, the variation, cancellation, de-listing or removal is not to take effect on or before 30 June of the fee year to which the fee relates.

FEES 4.3.13A

See Notes

handbook-rule
  1. (1) If:
    1. (a) a firm makes an application to vary its permission (by reducing its scope), or cancel it, in the way set out in Permissions and Waivers 2 of the PRA Rulebook; and
    2. (b) the firm makes the application or notification referred to in (a) before the start of the fee year to which the fee relates,
  2. FEES 4.2.1 R applies to the firm as if the relevant variation or cancellation of the firm's permission took effect immediately before the start of the fee year to which the fee relates.
  3. (2) But (1) does not apply if, due to the continuing nature of the business, the variation or cancellation is not to take effect on or before 30 June of the fee year to which the fee relates.

FEES 4.3.14

See Notes

handbook-guidance
Where a firm has applied to cancel its Part 4A permission, or its authorisation or registration under the Payment Services Regulations or the Electronic Money Regulations, or the appropriate regulator has exercised its own-initiative powers to cancel a firm's Part 4A permission or the appropriate regulator has exercised its powers under regulation 10 (Cancellation of authorisation), including as applied by regulation 14 (Supplementary provisions) of the Payment Services Regulations to cancel a firm's authorisation or registration under the Payment Services Regulations or the appropriate regulator has exercised its powers under regulation 10 (Cancellation of authorisation), including as applied by regulation 15 (Supplementary provisions) of the Electronic Money Regulations, the due dates for payment of periodic fees are modified by FEES 4.3.6R (3), FEES 4.3.6R (4) and FEES 4.3.6R (4A) respectively.

Firms acquiring businesses from other firms

FEES 4.3.15

See Notes

handbook-rule
  1. (1) This rule applies if:
    1. (a) a firm (A) acquires all or a part of the business of another firm (B), whether by merger, acquisition of goodwill or otherwise, in relation to which a periodic fee would have been payable by B, unless no periodic fee was payable by A in the financial year that the business was acquired from B; or
    2. (b) A became authorised or registered as a result of B's simple change of legal status (as defined in FEES 3 Annex 1 Part 6).
  2. (2) If, before the date on which A acquires the business, B had paid any periodic fee payable for the period in which the acquisition occurred, FEES 4.2.6 R to FEES 4.2.7 R do not apply to A in relation to the business acquired from B.
  3. (3) If the acquisition occurs after the valuation date applicable to the business (as set out in FEES 4 Annex 1AR, FEES 4 Annex 1BR and FEES 4 Annex 11) which A acquired from B, for the period following that in which the acquisition occurred, FEES 4.2.1 R applies to A, in relation to that following period, as if the acquisition had occurred immediately before the relevant valuation date.

FEES 4.4

Information on which Fees are calculated

FEES 4.4.1

See Notes

handbook-rule
A firm (other than the Society and an MTF operator in relation to its MTF business) must notify to the FCA (in its own capacity and, if applicable, in its capacity as collection agent for the PRA) the value (as at the valuation date specified in Part 5 of FEES 4 Annex 1AR in relation to fees payable to the FCA or Part 5 of FEES 4 Annex 1BR in relation to fees payable to the PRA) of each element of business on which the periodic fee payable by the firm is to be calculated.

FEES 4.4.2

See Notes

handbook-rule
A firm (other than the Society) must send to the FCA (in its own capacity and, if applicable, in its capacity as collection agent for the PRA) in writing the information required under FEES 4.4.1 R as soon as reasonably practicable, and in any event within two months, after the date specified as the valuation date in Part 5 of FEES 4 Annex 1AR in relation of fees payable to the FCA or Part 5 of FEES 4 Annex 1B R in relation to fees payable to the PRA (or FEES 4.2.7B R where applicable).

FEES 4.4.3

See Notes

handbook-rule
To the extent that a firm has provided the information required by this section to the appropriate regulator as part of its compliance with another provision of the Handbook, it is deemed to have complied with the provisions of this section.

FEES 4.4.4

See Notes

handbook-guidance
In most cases a firm will provide the information required by this section as part of its compliance with the provisions of SUP. To the extent that the FCA (in its own capacity and, if applicable, in its capacity as collection agent for the PRA), does not obtain sufficient, or sufficiently detailed, information the FCA or the PRA, as appropriate, may seek this by using the general information gathering powers (see SUP 2 (Information gathering by the appropriate regulator on its own initiative)).

FEES 4.4.5

See Notes

handbook-rule
For an incoming EEA firm or an incoming Treaty firm, the information required under FEES 4.4 is limited to the regulated activities of the firm which are carried on in the United Kingdom, except those provided on a cross border services basis.

Information relating to payment services and the issuance of electronic money

FEES 4.4.9

See Notes

handbook-directions
To the extent that a firm has provided the information required by FEES 4.4.7 D to the FCA as part of its compliance with another provision of the Handbook, it is deemed to have complied with the provisions of that direction.

FEES 4 Annex 1B

PRA activity groups, tariff bases and valuation dates

See Notes

handbook-rule

FEES 4 Annex 2B

PRA fee rates and EEA/Treaty firm modifications for the period from 1 March 2015 to 29 February 2016

FEES 4 Annex 2B

See Notes

handbook-rule

FEES 4 Annex 12

Guidance on the calculation of tariffs set out in FEES 4 Annex 1AR Part 3 and FEES 4 Annex 1BR Part 3

See Notes

handbook-guidance
The following table sets out guidance on how a firm should calculate tariffs for fee-block A.4.