FCA authorisation application fees: new structure

FCA authorisation application fees:
new structure
Policy Statement
PS22/1
January 2022

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PS22/1 Financial Conduct Authority FCA authorisation application fees: new structure Moving around this document Use your browser’s bookmarks and tools to navigate. To search on a PC use Ctrl+F or Command+F on MACs. This relates to Consultation Paper CP20/22 published in November 2020 and feedback on the consultation responses in chapter 7 of Consultation Paper CP21/08 published in April 2021. Please send any comments or queries to:
David Cheesman
Financial Conduct Authority
12 Endeavour Square
London E20 1JN
Telephone:
0207 066 5406
Email:
david.cheesman@fca.org.uk
Sign up for our news and publications alerts See all our latest press releases, consultations and speeches. Contents 1 Summary 3 2 New structure for application fees 5
Annex 1
List of permissions under the new pricing categories 8
Annex 2
Compatibility statement 12
Annex 3
Abbreviations used in this paper 15
Appendix 1
Application fees (amendment) instrument 2021 (made rules - legal instrument)

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PS22/1
Chapter 1
Financial Conduct Authority
FCA authorisation application fees: new structure 1 Summary Introduction
1.1 In this policy statement (PS), we set out the new structure for authorisation application
fees. We are introducing this following consultation in November 2020 and our feedback in April 2021. The new structure comes into effect from 24 January 2022. We also consulted on introducing a new charge for applications under the senior managers regime (SMR) and controlled functions for appointed representatives (CF(AR)). We will give further notice before we implement this. Who this applies to
1.2 This PS applies to all FCA fee-payers and to any businesses considering applying for
FCA authorisation or registration.
1.3 It is not directly relevant to retail financial services consumers, although our fees are
indirectly paid by users of financial services.
The wider context
1.4 Our annual fees consultation follows the following cycle:

• October or November – we consult on any changes to our policy on how we
  raise fees and levies. We give our feedback on the consultation responses in the following February/March Handbook Notice or the March/April Consultation Paper (CP).
• January – we consult on the Financial Services Compensation Scheme (FSCS)
  management expenses levy limit (MELL), a joint consultation with the Prudential Regulation Authority (PRA). We give our feedback on the consultation responses in the March Handbook Notice.
• March or April – we consult on FCA periodic fees rates for the next financial year (1
  April to 31 March) and any proposed changes to application fees or other fees. We also consult on the Financial Ombudsman Service general levy, the Single Financial Guidance Body levies and illegal money-lending levies for the next financial year.
• June to July – we publish feedback in a policy statement on responses received to
  the March or April CP, along with final fees and levy rates.

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PS22/1
Chapter 1
Financial Conduct Authority
FCA authorisation application fees: new structure New structure for application fees
1.5 We set out the details in Chapter 2 and the table in Annex 1.
Equality and diversity considerations
1.6 We have considered the equality and diversity issues from our proposals. Overall, we
do not consider that the proposals negatively affect any of the groups with protected characteristics under the Equality Act 2010, and no issues were raised during consultation. January - FSCS MELL consultation paper February - where appropriate publish feedback on fees policy consultation paper in Handbook Notice March - publish feedback on FSCS/MELL consultation paper in Handbook Notice March/April - consultation paper on rates for FCA periodic fees and Financial Ombudsman Service, Single Financial Guidance Body Guidance, illegal money-lending levies, plus any feedback on fees policy consultaion paper if appropriate June/July - publish feedback on March consultation paper and final fees and levy rates in a policy statement October/November - fees policy consultation paper

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PS22/1
Chapter 2
Financial Conduct Authority
FCA authorisation application fees: new structure 2 New structure for application fees (Instrument in Appendix 1 - FEES 3)
2.1 We consulted in November 2020 on revalorising and restructuring FCA application
fees. The consultation also proposed introducing new charges for notifications of changes in control (CiC) and notifications of functions under the senior managers regime (SMR) and controlled functions for appointed representatives (CF(AR)).
2.2 We provided feedback in April 2021. We said that we intended to proceed largely
as consulted on, though with some adjustments in response to issues raised in consultation and we deferred our proposals on CiCs. Since the great majority of application fees are paid online, we explained that we were not able to implement our proposals immediately as we needed to amend and test our systems before going live. We have now completed this exercise and the new structure will come into effect on 24 January 2022 as part of a major release of our CONNECT online application system. We need to complete further work before we introduce the new charge of £250 for stand-alone long Form A applications under SMR and CF(AR). We will give notice of the implementation date through a handbook notice (HN).
2.3 Since we have already provided detailed feedback on the consultation responses in
Chapter 7 of CP 21/08, we are not repeating the arguments in this PS. We summarise
the key features of the new structure as it has been implemented, under the headings:

• Pricing categories for application fees
• Consumer credit application fees
• Claims management companies
• Validation orders
  Pricing categories for application fees
  2.4 Most of our application fees have not changed since our predecessor, the Financial
  Services Authority (FSA), introduced them nearly 20 years ago. Inflation has subsequently eroded their value, leaving authorised firms paying an increasing proportion of our processing costs for applications for authorisation through their periodic fees. When we reviewed them in 2020, we identified more than 80 separate charges for FCA applications. This is confusing and so we have condensed them into the 10 simple pricing categories in Table 2.1. We grouped the charges into the 10 categories by, first, revalorising them in line with inflation from the date of their introduction and then moving them up or down to the nearest pricing category. 49 charges increased, 23 stayed the same and 11 were reduced. We believe that the overall impact of our proposals would raise the contribution of applicants towards the cost of processing their applications from about a third to about two-thirds. We consider this a fairer apportionment in principle, though there would not be a large practical impact on existing fee-payers.

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Chapter 2
Financial Conduct Authority
FCA authorisation application fees: new structure
Table 2.1: Standard pricing categories
Category Charge (£)
1 250
2 500
3 1,000
4 2,500
5 5,000
6 10,000
7 25,000
8 50,000
9 100,000
10 200,000
2.5 We set out the permissions falling within each category in Annex 1. Full details are in
the instrument in Appendix 1.
2.6 Our rules on application fees are set out in FEES 3 and we have taken the opportunity
to simplify this chapter of the FEES manual:

• We have streamlined the table in FEES 3.2.7R which currently sets out a variety of
  charges and conditions, running from (a) to (zzh). We have converted it into a look￾up table which refers to the appropriate annex.
• We have clarified the presentation of charges in FEES 3 Annex 1R by listing every
  permission it covers, with the appropriate pricing category.
• We have created a new annex FEES 3 Annex 1AR which lists the 10 pricing
  categories. We will update this annually. Since the other annexes now refer to categories not charges, they will not need updating.
• We have created 3 new annexes to bring together miscellaneous charges scattered
  through FEES 3.2.7 which were not included in any other annex. FEES 3 Annex 14R covers ‘Other application fees,’ Annex 15R covers transaction fees and Annex 16R covers variations of permission fees.
  2.7 To avoid erosion through inflation in the future, we will revalorise the category values
  in FEES 3 Annex 1AR annually in line with the increase or decrease in the costs of our ongoing regulatory activities (ORA) – ie the cost of operating the FCA. We will do this as part of our annual consultation on fee rates in March or April. This means that the revised charges will come into effect in July each year, along with the updated rates for periodic fees. We will carry out our first consultation on revalorisation in March/April 2023. Consumer credit application fees
  2.8 Consumer credit application fees are currently based on the applicant’s income. We
  introduced this structure to protect small firms which were already trading when we took over the regulation of consumer credit in 2014. Income is a reasonable basis for charging a firm which is trading and has accounts to quote from, but it is less reliable for a new applicant working from estimates and could be manipulated. We have accordingly removed the fee-bands derived from income and replaced them with flat￾rate fees:

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Chapter 2
Financial Conduct Authority
FCA authorisation application fees: new structure
Table 2.2: Revised consumer credit application fees
Range of current fees based on income New fees within pricing categories Limited permission: £100 - £500 Category 2: £500 Straightforward: £600 - £5,000 Category 3: £1,000 Moderately complex: £800 - £10,000 Category 5: £5,000 Complex: £1,000 - £15,000 Category 6: £10,000
2.9 As a result of concerns raised by respondents to our consultation, we have introduced
a new category 3 fee (£1,000). This applies where firms apply for debt adjusting or debt counselling permissions, but with their activity limited to settlement sale of goods or settlement vehicle finance or the exclusion of debt management plans.
2.10 This charge affects firms such as mortgage brokers and retailers who take on
restricted permissions for debt counselling and debt adjustment. These activities are ancillary to their core business. Debt counselling and debt adjusting are considered complex under the current structure, with income related charges of £1,000 - £15,000. Since these firms receive no income from their activities, they always fall into the lowest band but, under the new structure, they would have been charged a category 6 fee of £10,000. We appreciate the comments from respondents who pointed out this unintended consequence of removing the income bands. The new charge maintains the status quo. Claims management companies
2.11 The application fees for claims management companies (CMCs) were also based
on income. The standard charge was £10,000, but firms estimating income under £1 million paid a lower fee of £1,200. We have removed the income-based fee but introduced a category 4 charge of £2,500 for lead generators who apply only for the permission of seeking out people who may have a claim. These firms undertake marketing activities and pass prospective leads to other CMCs or solicitors. This charge puts them in the same bracket as independent financial advisors and mortgage brokers. Lead generators who seek permission for the less restricted activities of ‘advice, investigation or representation’ will continue to pay the full £10,000 category 6 charge. Validation orders
2.12 A validation order (VO) enables a firm to legally enforce a debt when it has entered into
a regulated credit agreement without holding the appropriate permission, or where the credit broker who arranged the transaction did not have the appropriate permission. At present, applications are charged £3,500 per type of agreement, up to a maximum of £10,000. Since there may be many types of agreement within any application, this is a complicated basis for a fee and does not take into account the resources generated by the largest and the smallest applications. We have introduced structured charges based on the value of the agreements within each VO, ranging from category 3 (£1,000) for agreements up to £500,000 to category 7 (£25,000) for agreements above £7.5m. The charges are listed in the instrument in Appendix 1, at FEES 3 Annex 15R.

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Annex 1
Financial Conduct Authority
FCA authorisation application fees: new structure
Annex 1
List of permissions under the new pricing categories Charging categories and permissions Reference in current FEES manual Reference in future FEES manual Category 1 - £250 Fee-block G.20: CBTL lender – Applicant with Part 4A permission FEES 3 Annex 10AR: Consumer buy-to-let FEES 3 Annex 10AR: Consumer buy￾to-let Fee-block G.21: CBTL arranger or adviser – Applicant with Part 4A permission FEES 3 Annex 10AR: Consumer buy-to-let FEES 3 Annex 10AR: Consumer buy￾to-let Fee-block G.1: Registration under the Money Laundering Regulations FEES Appendix 3R: Money￾laundering regulations, not cryptoasset businesses FEES Appendix 3R: Money￾laundering regulations, not cryptoasset businesses Fee-block C: AIFM UK Reg 58 – giving notice FEES 3 Annex 2R: Collective investment schemes FEES 3 Annex 2R: Collective investment schemes Fee-block CC1, CC2: Community finance organisations FEES 3 Annex 1R: Authorisation fees FEES 3 Annex 1R: Authorisation fees payable in the A, B, C, CC and CMC fee-blocks Payment Services: Notification of electronic communications exclusion FEES 3 Annex 8R: Payment Services Regulations FEES 3 Annex 8R: Payment Services Regulations Fee-block C: AIFM UK Reg 57 – giving notice FEES 3 Annex 2R: Collective investment schemes FEES 3 Annex 2R: Collective investment schemes Fee-block C: AIFM UK Reg 59 – giving notice FEES 3 Annex 2R: Collective investment schemes FEES 3 Annex 2R: Collective investment schemes Fee-block A.2: Community finance organisation FEES 3 Annex 1R: Authorisation fees FEES 3 Annex 1R: Authorisation fees payable in the A, B, C, CC and CMC fee-blocks Payment Services: Notification of limited network exclusion FEES 3 Annex 8R: Payment Services Regulations FEES 3 Annex 8R: Payment Services Regulations Fee-block C: FSMA s 272, Money Market Funds Reg – fund exists prior to 2018 FEES 3 Annex 2R: Collective investment schemes FEES 3 Annex 2R: Collective investment schemes Category 2 - £500 VoP within the same fee-block FEES 3.2.7(p) FEES 3 Annex 16R: variations of permission Fee-block G.4: Small payment institution FEES 3 Annex 8R: Payment Services Regulations FEES 3 Annex 8R: Payment Services Regulations Fee-block C: Money Market Funds Reg Art 5 – UK AIF, not non-UCITS retail or qualified investor scheme FEES 3 Annex 2R: Collective investment schemes FEES 3 Annex 2R: Collective investment schemes Fee-block C: Money Market Funds Reg Art 5 – Non-UK AIF, not marketed in UK FEES 3 Annex 2R: Collective investment schemes FEES 3 Annex 2R: Collective investment schemes Fee-block CC1: Limited consumer credit permission FEES 3 Annex 1R: Authorisation fees FEES 3 Annex 1R: Authorisation fees payable in the A, B, C, CC and CMC fee-blocks Fee-block G.20: CBTL lender – Applicant without Part 4A permission FEES 3 Annex 10AR: Consumer buy-to-let FEES 3 Annex 10AR: Consumer buy-to-let Fee-block G.21: CBTL arranger or adviser – Applicant without Part 4A permission FEES 3 Annex 10AR: Consumer buy-to-let FEES 3 Annex 10AR: Consumer buy-to-let

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Annex 1
Financial Conduct Authority
FCA authorisation application fees: new structure Charging categories and permissions Reference in current FEES manual Reference in future FEES manual Registration as Protected cell company under Reg 14 Risk Transformation Regulations FEES 3.2.7(zz) FEES 3 Annex 14R: Other FCA application fees Category 3 - £1,000 Fee-block C: FSMA s 264 – operator giving notice FEES 3 Annex 2R: Collective investment schemes FEES 3 Annex 2R: Collective investment schemes Fee-block C: Money Market Funds Reg Art 5 – Non- UK AIF, not managed by AIFM but marketed in UK FEES 3 Annex 2R: Collective investment schemes FEES 3 Annex 2R: Collective investment schemes Fee-block C: Money Market Funds Reg Art 5 – Non- UK AIF, marketed in UK FEES 3 Annex 2R: Collective investment schemes FEES 3 Annex 2R: Collective investment schemes Fee-block G.11: Small electronic money institution FEES 3 Annex 10R: Electronic Money Regulations FEES 3 Annex 10R: Electronic Money Regulations Benchmark endorser FEES 3.2.7(zzc) FEES 3 Annex 14R: Other FCA application fees Fee-block G.26: Third party verifier FEES 3.2.7 (zze) FEES 3 Annex 14R: Other FCA application fees Fee-block G.3: Registered account service provider – activity (h) FEES 3 Annex 8R: Payment Services Regulations FEES 3 Annex 8R: Payment Services Regulations Fee-block CC2: Certain consumer credit applications FEES 3 Annex 1R: Authorisation fees FEES 3 Annex 1R: Authorisation fees payable in the A, B, C, CC and CMC fee-blocks Validation order: agreement up to £500,000 FEES 3.2.7(zs) FEES 3 Annex 15R: FCA transaction fees Category 4 - £2,500 Fee-block C: OEIC Reg 12- UCITS scheme FEES 3 Annex 2R: Collective investment schemes FEES 3 Annex 2R: Collective investment schemes Fee-block C: FSMA s 242 – UCITS scheme FEES 3 Annex 2R: Collective investment schemes FEES 3 Annex 2R: Collective investment schemes Fee-block C: FSMA s 261C – UCITS scheme FEES 3 Annex 2R: Collective investment schemes FEES 3 Annex 2R: Collective investment schemes Fee-block C: OEIC Reg 12 – Non￾UCITS retail scheme FEES 3 Annex 2R: Collective investment schemes FEES 3 Annex 2R: Collective investment schemes Fee-block C: FSMA s 242 – Non￾UCITS retail scheme FEES 3 Annex 2R: Collective investment schemes FEES 3 Annex 2R: Collective investment schemes Straightforward charge for 'A' fee￾blocks: Fee-blocks A3, A4, A13, A14, A18, A19, A21, some benchmark administrators FEES 3 Annex 1R: Authorisation fees FEES 3 Annex 1R: Authorisation fees payable in the A, B, C, CC and CMC fee-blocks Fee-block G.3: Authorised payment institution – activities (f) – (h) FEES 3 Annex 8R: Payment Services Regulations FEES 3 Annex 8R: Payment Services Regulations Fee-block C: FSMA s 272 – UK AIF equivalent to qualified investor scheme FEES 3 Annex 2R: Collective investment schemes FEES 3 Annex 2R: Collective investment schemes Fee-block C: FSMA s 261C – Non￾UCITS retail scheme FEES 3 Annex 2R: Collective investment schemes FEES 3 Annex 2R: Collective investment schemes Recognition as an
accredited body FEES 3.2.7(zl) FEES 3 Annex 14R: Other FCA application fees Validation order: agreement £500,000 - £750,000 FEES 3.2.7(zs) FEES 3 Annex 15R: FCA transaction fees Claims Management Company – lead generator only Not applicable FEES 3 Annex 1R: Authorisation fees payable in the A, B, C, CC and CMC fee-blocks

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Annex 1
Financial Conduct Authority
FCA authorisation application fees: new structure Charging categories and permissions Reference in current FEES manual Reference in future FEES manual Category 5 - £5,000 Fee-block C: OEIC Reg 12 – Qualified investor scheme FEES 3 Annex 2R: Collective investment schemes FEES 3 Annex 2R: Collective investment schemes Fee-block C: FSMA s 242 – Qualified investor scheme FEES 3 Annex 2R: Collective investment schemes FEES 3 Annex 2R: Collective investment schemes Fee-block C: FSMA s 261C – Qualified investor scheme FEES 3 Annex 2R: Collective investment schemes FEES 3 Annex 2R: Collective investment schemes Fee-block C: ELTIF Reg Art 5 – AIF FEES 3 Annex 2R: Collective investment schemes FEES 3 Annex 2R: Collective investment schemes Recognition as benchmark administrator FEES 3.2.7(zzb) FEES 3 Annex 14R: Other FCA application fees Fee-block G.3: Authorised payment institution – activities (a) – (e) FEES 3 Annex 8R: Payments services Regulations FEES 3 Annex 8R: Payments services Regulations Fee-block G.10: Authorised electronic money institution FEES 3 Annex 10R: Electronic Money Regulations FEES 3 Annex 10R: Electronic Money Regulations Authorisation under Reg 7 of Data Reporting Service Regulations FEES 3.2.7(zw) FEES 3 Annex 14R: Other FCA application fees Fee-block CC2: ‘Moderately complex’ charge for consumer credit – FEES 3 Annex 1R: Authorisation fees FEES 3 Annex 1R: Authorisation fees payable in the A, B, C, CC and CMC fee-blocks Validation order: agreement £750,000 - £1,000,000 FEES 3.2.7(zs) FEES 3 Annex 15R: FCA transaction fees Category 6 - £10,000 Moderately complex charge for 'A' fee-blocks: Fee-blocks A2, A3, A5, A7, A9, A10, Service companies, some benchmark administrators FEES 3 Annex 1R: Authorisation fees FEES 3 Annex 1R: Authorisation fees payable in the A, B, C, CC and CMC fee-blocks Fee-group G.15: Change to terms of regulated covered bond FEES 3.2.7(zn) FEES 3 Annex 15R: FCA transaction fees Fee-block C: FSMA s 272 – non￾UK AIF equivalent to non-UCITS retail scheme or qualified investor scheme FEES 3 Annex 2R: Collective investment schemes FEES 3 Annex 2R: Collective investment schemes Fee-block D: Application to become designated professional body FEES 3.2.7(f) FEES 3 Annex 14R: Other FCA application fees Fee-block CC2: some consumer credit applications FEES 3 Annex 1R: Authorisation fees FEES 3 Annex 1R: Authorisation fees payable in the A, B, C, CC and CMC fee-blocks Fee-block G.25: Data reporting service provider, non-transaction reporting FEES 3.2.7(zy) FEES 3 Annex 14R: Other FCA application fees Fee-block CMC: Claims management company (not lead generator only) FEES 3.2.7(zzd), FEES 3 Annex 1R: Authorisation fees FEES 3 Annex 1R: Authorisation fees payable in the A, B, C, CC and CMC fee-blocks Fee-block G23: Cryptoasset businesses FEES Appendix 4R: Cryptoasset businesses FEES Appendix 4R: Cryptoasset businesses Insurance business transfer scheme – not long term FEES 3.2.7(s) FEES 3 Annex 15R: FCA transaction fees
Validation order: agreement £1,000,000 - £7,500,000 FEES 3.2.7(zs) FEES 3 Annex 15R: FCA transaction fees

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Annex 1
Financial Conduct Authority
FCA authorisation application fees: new structure Charging categories and permissions Reference in current FEES manual Reference in future FEES manual Category 7 - £25,000 Insurance business transfer scheme – long term FEES 3.2.7(s) FEES 3 Annex 15R: FCA transaction fees Fee-block G.25: Data reporting service provider – connection for transaction reporting FEES 3.2.7(zx) FEES 3 Annex 14R: Other FCA application fees Fee-group G.15: Registration of regulated covered bond, mainly UK mortgages FEES 3.2.7(zm) FEES 3 Annex 15R: FCA transaction fees Validation order: agreement above £7,500,000 FEES 3.2.7(zs) FEES 3 Annex 15R: FCA transaction fees Category 8 - £50,000 Complex charge for 'A' fee-blocks:
Fee-blocks A1, A3, A4, MTF/OTF, some benchmark administrators FEES 3 Annex 11R: Authorisation fees FEES 3 Annex 1R: Authorisation fees payable in the A, B, C, CC and CMC fee-blocks Fee-block B: UK RIE offering safeguarding and administration services FEES 3 Annex 3R: Recognised Investment Exchanges FEES 3 Annex 3R: Recognised Investment Exchanges Fee-block B: UK RIE using new and untested IT systems FEES 3 Annex 3R: Recognised Investment Exchanges FEES 3 Annex 3R: Recognised Investment Exchanges Fee-block C: ROIE offering safeguarding and administration services FEES 3 Annex 3R: Recognised Investment Exchanges FEES 3 Annex 3R: Recognised Investment Exchanges Fee-group G.15: Registration of regulated covered bond FEES 3.2.7(zm) FEES 3 Annex 15R: FCA transaction fees Category 9 - £100,000 Fee-block B: Recognised Overseas Investment Exchange FEES 3 Annex 3R: Recognised Investment Exchanges FEES 3 Annex 3R: Recognised Investment Exchanges Fee-block B: Designated investment exchange FEES 3.2.7(n) FEES 3 Annex 14R: Other FCA application fees Category 10 - £200,000 Fee-block C: UK Recognised Investment Exchange FEES 3 Annex 3R: Recognised Investment Exchanges FEES 3 Annex 3R: Recognised Investment Exchanges

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Annex 2
Financial Conduct Authority
FCA authorisation application fees: new structure
Annex 2
Compatibility statement
Compliance with legal requirements

1. This annex explains our reasons for concluding that our proposals in this consultation
   are compatible with certain requirements under the Financial Services and Markets Act 2000 (FSMA). Under section 138I of FSMA, the FCA is exempt from the requirement to carry out and publish a cost benefit analysis for such proposals.
2. When consulting on new rules, section 138I(2)(d) of FSMA requires us to include an
   explanation of why we believe making the proposed rules is (a) compatible with our general duty, under s.1B(1) of FSMA, so far as reasonably possible, to act in a way which is compatible with our strategic objective and advances one or more of our operational objectives, and (b) our general duty under s.1B(5)(a) of FSMA to have regard to the regulatory principles in s.3B of FSMA. We are also required by s.138K(2) of FSMA to state our opinion on whether the proposed rules will have a significantly different impact on mutual societies as opposed to other authorised persons.
3. This annex also sets out our view of how the proposed rules are compatible with our
   duty to discharge our general functions (which include rule-making) in a way which promotes effective competition in the interests of consumers (s.1B(4)). This duty applies in so far as promoting competition is compatible with advancing our consumer protection and or integrity objectives.
4. This annex also explains how we have considered the Treasury’s recommendations
   under s.1JA of FSMA of aspects of the Government’s economic policy which we should consider in connection with our general duties.
5. This annex includes our assessment of the equality and diversity implications of these
   proposals.
   The FCA’s objectives and regulatory principles: Compatibility statement
6. Our proposals in this consultation are not intended in themselves to advance our
   operational objectives, but the fees we collect will fund our capacity to achieve them. Therefore, these proposals will indirectly advance our operational objectives of:

• delivering consumer protection - securing an appropriate degree of protection for
  consumers
• enhancing market integrity - protecting and enhancing the integrity of the UK
  financial system
• building competitive markets - promoting effective competition in the interests of
  consumers

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Annex 2
Financial Conduct Authority
FCA authorisation application fees: new structure
7. We also think that these proposals are compatible with our strategic objective of
ensuring that the relevant markets function well, albeit indirectly. This is because they will enable us to fund the activities to help us meet that objective. For the purposes of our strategic objective, ‘relevant markets’ are defined by s.1F of FSMA. In this
annex, references to objectives means both our strategic objective and operational
objectives.
8. In preparing the proposals set out in this consultation, we have had regard to the
regulatory principles set out in s.3B of FSMA. Most of the relevant regulatory principles are considered below:
The need to use our resources in the most efficient and economic way
9. Our fee-raising proposals are set to recover our costs in carrying out our
responsibilities under FSMA and associated legislation. We aim to carry out this work in the most efficient and economical way possible, concentrating on the areas of activity that pose the greatest risk to our objectives. The principle that a burden or restriction should be proportionate to the benefits
10. Our fees are necessary for us to meet our objectives. As outlined above, we aim to use
our resources in the most efficient and economic way, while delivering benefits to UK consumers, through our regulatory activities.
11. We have introduced reduced charges for some consumer credit and claims
management firms which apply for restricted activities. The desirability of recognising differences in the nature of, and objectives of, businesses carried on by different persons including mutual societies and other kinds of business organisation
12. We have introduced a new structure of charges for validation orders which reflects the
value of the orders applied for.
The principle that we should exercise of our functions as transparently as possible
13. Our consultation processes are intended to ensure that we are transparent about
the thinking behind our proposals and clearly explain what we expect to achieve. We believe that this CP meets these objectives. One of the aims of restructuring our application fees is to make them easier to understand. Expected effect on mutual societies
14. We do not expect the proposals in this paper to have a significantly different impact on
mutual societies to the impact on other authorised firms.

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Annex 2
Financial Conduct Authority
FCA authorisation application fees: new structure Compatibility with the duty to promote effective competition in the interests of consumers
15. These proposals enable us to fund the activities we need to undertake in 2018/19.
These activities include meeting our duty to promote effective competition in the interests of consumers. Fees are not intended in themselves to influence firms’ behaviour. Equality and diversity
16. We are required under the Equality Act 2010 to ‘have due regard’ to the need to
eliminate discrimination and to promote equality of opportunity in carrying out our policies, services and functions. As part of this, we conduct an equality impact assessment to ensure that the equality and diversity implications of any new policy proposals are considered.
17. As explained in paragraph 1.6 of this PS, we do not think that the proposals negatively
impact any of the groups with protected characteristics under the Equality Act 2010. But we will continue to consider the equality and diversity implications of the proposals during the consultation period, and will revisit them when publishing the final rules. The Treasury’s recommendations about economic policy
18. Each year, the Treasury makes recommendations to us under section 1JA of FSMA
about aspects of economic policy which we should consider when undertaking our functions. Our fees proposals indirectly take account of the Treasury’s recommendations by providing the resources that enable us to meet our objectives in taking responsibility for the claims management market.

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Annex 3
Financial Conduct Authority
FCA authorisation application fees: new structure
Annex 3
Abbreviations used in this paper
Abbreviation Description
CF(AR) Controlled functions for appointed representatives CiC Change in control CMC Claims management company CP Consultation paper FCA Financial Conduct Authority FSA Financial Services Authority FSMA Financial Services and Markets Act 2000 HN Handbook notice ORA Ongoing regulatory activities PRA Prudential Regulation Authority PS Policy statement SMR Senior Managers Regime VO Validation order VoP Variation of permission All our publications are available to download from www.fca.org.uk. If you would like to receive this paper in an alternative format, please call 020 7066 7948 or email: publications_graphics@fca.org.uk or write to:
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PS22/1
Appendix 1
Financial Conduct Authority
FCA authorisation application fees: new structure
Appendix 1
Application fees (amendment) instrument 2021 (made rules - legal instrument)

FCA 2021/63
APPLICATION FEES (AMENDMENT) INSTRUMENT 2021 Powers exercised A. The Financial Conduct Authority (“the FCA”) makes this instrument in the exercise of the powers and related provisions in or under:
(1) the following powers and related provisions of the Financial Services and Markets Act 2000 (“the Act”) (a) section 73A (Part 6 Rules); (b) section 137A (The FCA’s general rules) (c) section 137T (General supplementary powers); (d) section 139A (Power of the FCA to give guidance); (e) section 234 (industry funding); (f) paragraph 23 (Fees) of Part 3 (Penalties and Fees) of Schedule 1ZA (The Financial Conduct Authority) of the Act; (2) regulation 118 (Costs of supervision) of the Payment Services Regulations 2017 (SI 2017/752); (3) regulation 59 (Costs of supervision) of the Electronic Money Regulations 2011 (SI 2011/99); (4) regulation 46 and paragraph 5 of Schedule 1(Fees) in the Regulated Covered Bond Regulations 2008 (SI 2008/346); (5) article 25(a) (Application of the Act to the FCA in respect of its supervision of consumer buy-to-let mortgage firms) of the Mortgage Credit Directive Order 2015 (SI 2015/910); (6) regulation 40 (FCA: penalties, fees and exemption from liability in damages) of the Data Reporting Services and Regulations 2017 (SI 2017/699); (7) section 27 of the Financial Guidance and Claims Act 2018; (8) regulation 26 of the Financial Services and Markets Act (2000) (Benchmarks) Regulations 2018 (SI 2018/135); (9) regulation 40 (FCA: penalties, fees and exemption from liability in damages) of the Data Reporting Services Regulations 2017 (SI 2017/699); (10) paragraph 25 of Schedule 1 of the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations (SI 2017/701); (11) regulation 21 of the Small and Medium Sized Business (Credit Information) Regulations 2015 (SI 2015/1945);

FCA 2021/63
(12) regulation 18 of the Small and Medium Sized Business (Finance Platforms) Regulations 2015 (SI 2015/1946); and (13) paragraph 11 (Penalties and fees) of Schedule 1 and paragraph 4(7) of
Schedule 2 of the Securitisation Regulations 2018 (SI 2018/1288).
B. The rule-making powers referred to above are specified for the purpose of section 138G(2) (Rule-making instruments) of the Act. Commencement
C. This instrument comes into force on 24 January 2022.
Amendments to the Handbook
D. The Fees manual (FEES) is amended in accordance with the Annex to this instrument. Notes E. In this instrument, notes shown as “Note:” and “Editor’s note:” are intended for the convenience of the reader but do not form part of the legislative text. Citation F. This instrument may be cited as the Application Fees (Amendment) Instrument 2021. By order of the Board 16 December 2021

FCA 2021/63
Annex
Amendments to the Fees manual (FEES) In this Annex, underlining indicates new text and striking through indicates deleted text, unless otherwise stated. 3 Application, Notification and Vetting Fees
3.1 Introduction
Application
3.1.1 R This chapter applies to every person set out in column 1 of the Table
of application, notification and vetting fees in FEES 3.2.7R and every person set out in the annexes to FEES 3 referred to in column 1 of the
Table of application, notification and vetting fees in FEES 3.2.7R.
…
Purpose
…
3.1.4 G Most of the detail of what fees are payable by the persons referred to
in FEES 3.1.3G is set out in FEES 3 Annex 1AR – FEES 3 Annex 12R FEES 3 Annex 16R. …
3.1.6 G Applications for Part 4A permission other than in respect of credit￾related regulated activities are categorised by the FCA for the purpose
of fee raising as straightforward, moderately complex and complex as identified in FEES 3 Annex 1. This differentiation is based on the permitted activities sought and does not reflect the FCA’s risk assessment of the applicant. [deleted] 3.1.6A G Application fees for authorisation or registration Fees for applications and notifications under the Payment Services Regulations are set out in FEES 3 Annex 8R. The fee depends on the type of payment services a firm wishes to provide and whether it will be a small payment institution or an authorised payment institution. The fee may also depend on the number of agents it has. 3.1.6B G Application fees for authorisation or registration Fees for applications and notifications under the Electronic Money Regulations are set out in FEES 3 Annex 10R. The fee depends on whether the firm is an authorised electronic money institution or a small electronic money institution.

FCA 2021/63
3.1.6C G Application fees for registration under article 8(1) of the MCD Order are set out in FEES 3 Annex 10AR. The fee depends on whether the firm holds an existing Part 4A permission or an interim permission or has previously registered as a CBTL firm and that registration has been revoked under article 13 of the MCD Order. … 3.1.8A G Application fees for applications for and variations of Part 4A permission in respect of credit-related regulated activities are also set out in FEES 3 Annex 1F FEES 3 Annex 1AR and FEES 3 Annex 16R. Applications for Part 4A permission in respect of credit-related regulated activities are categorised by the FCA for the purposes of fee raising as straightforward, moderately complex and complex as identified in FEES 3 Annex 1, unless the application is for a limited permission. [Note: PRA-authorised persons may also pay regulatory transaction fees to the PRA set out in Chapter 4 of the Fees Part of the PRA Rulebook.]
3.2 Obligation to pay fees
General
3.2.1 R A person referred to in column (1) of the table in FEES 3.2.7R 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 FCA systems, or admission approval made, or notification, 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) in full and without deduction; and (2) on or before the date given in column (3) of that table or the relevant annexes. …
3.2.2 G If an application for a Part 4A permission falls within more than one
pricing category set out in FEES 3 Annex 1AR, other than where one of the applications is an application under the benchmarks regulation, only one fee is payable. That fee is the one for the category to which the highest fee tariff applies, unless the contrary intention appears. Where applications are made under the benchmarks regulation, a separate fee will be payable for this application. The relevant fee is set out in FEES 3.2.7R.

FCA 2021/63
Method of payment
3.2.3 R (1) Unless (2), (3) or (4) applies, the sum payable under FEES
3.2.1R must be paid by bankers draft, cheque or other payable order. Unless FEES 3.2.3AR applies, the sum payable under FEES 3.2.1R must be paid online by Maestro, Visa Debit or credit card. If payment is made by credit card, it must be made by Visa, Mastercard or American Express. (2) The FCA does not specify a method of payment for a person seeking to:
(a) become a recognised body or a designated professional body; or (b) be added to the list of designated investment exchanges or accredited bodies. (3) The sum payable under FEES 3.2.1R by a firm applying for a variation of its Part 4A permission which is not an application for new permission solely in respect of one or more credit￾related regulated activities (FEES 3.2.7R(p)(1) or FEES 3.2.7R(p)(4) and, if applicable, FEES 3.2.7R(c)) must be paid by any of the methods described in (1) or by Maestro, Visa Debit or credit card (Visa/Mastercard/American Express only). (4) Unless FEES 3.2.3AR applies, the sum payable under FEES 3.2.1R by a firm applying for a Part 4A permission in respect of credit-related regulated activities only or a variation of its Part 4A permission to add solely one or more credit-related regulated activities must be paid by Maestro, Visa Debit or credit card (Visa/Mastercard/American Express only). (5) [deleted] 3.2.3A R (1) If the fee payer (as specified in column (1) of FEES 3.2.7R) in relation to FEES 3.2.3R(4) is:
(a) unable to make a payment by credit or debit card by any of the methods of payment set out in FEES 3.2.3R; or (b) permitted to make a paper application rather than an online application for a Part 4A permission in respect of credit-related regulated activities only or a variation of its
Part 4A permission to add a credit-related regulated
activity; the sum payable under FEES 3.2.1R can be paid by bankers draft, cheque or other payable order. …

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3.2.7 R Table of application, notification, vetting and other fees payable to the
FCA
Part 1 1A: Application, notification and vetting fees
(1) Fee payer (2) Fee payable (£) by reference to the pricing category in FEES 3 Annex 1AR. Due date (a) Any applicant for Part 4A permission (including an incoming firm applying for top-up permission) whose fee is not payable pursuant to sub-paragraph (zza) of this table (1) Unless (2), or (3) or (4) applies, in respect of a particular application, the highest of the tariffs set out in FEES 3
Annex 1AR part 1
which apply to that application.
(2) When both (A) and
(B) apply, 50% of the tariff payable under (1): 50% of the tariff payable under (1) is payable when either (a) or (b) apply:
(a) the application is one referred to in paragraph p; or (b) the application is a limited permission case under FEES 3
Annex 1.
When both (A) and
(B) apply, 50% of the tariff payable under (1):
(A) the application only involves a simple change of legal status as set out in FEES 3
Annex 1 part 6; and
(B) the application is:
On or before the application is made

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(i) a straightforward case under paragraph 2(d) or 3(g) of FEES 3
Annex 1;
(ii) a moderately complex case under paragraph 2I or 3(h) of FEES 3 Annex 1; or (iii) a limited permission case under paragraph 3(i) of FEES 3 Annex 1. (3) If the applicant applies for registration under article 8(1) of the MCD Order at the same time as applying for a Part 4A permission Part 4A permission, the fee payable is the higher of:
(i) the fee otherwise payable in (1) or (2); and (ii) the fee payable in FEES 3 Annex 10AR. (4) No fee is payable if the applicant satisfies the criteria set out in FEES 4 Annex 2BR(5)(a). [deleted] … (c) Any applicant for a certificate under article 54 of the Regulated Activities Order [deleted] 2,000 On or before the application is made (d) Applicants for an authorisation order for, or recognition under
section 272 of the Act of, a collective
investment scheme [deleted]
FEES 3 Annex 2R,
part 2
On or before the application is made

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(da) Applicants for the authorisation of an AIF as a LTIF Persons making an application or notification in relation to applications set out in FEES 3 Annex 2R:
(i) authorisation order for or recognition under section 272 of the Act of a collective investment scheme; (ii) application for the authorisation of an AIF as an LTIF; (iii) the management company of a scheme making a notification under
section 264 of the Act;
(iv) a non-UK AIFM (with a branch in the UK) notifying the FCA of its intention to market an AIF in the UK under regulation 59 of the AIFMD UK regulation; (v) an AIFM notifying the FCA of its intention to market an AIF in the UK under regulation 58 or 59 of the AIFMD UK regulation; (vi) an applicant for registration on the register of small registered UK AIFM. FEES 3 Annex 2R,
part 2A
Category applicable to the application or notification set out in FEES 3 Annex 2R On or before the date the application or notification is made (e) The management company of a scheme making a notification under
section 264 of the Act
Any applicant making an application set out in FEES 3 Annex– 14R - Other FCA application fees:
(i) Any person seeking an order under section 326(1) of the Act to become a designated professional body; (ii) applicant to be added to the list of designated investment exchanges; (iii) any applicant for recognition as an accredited body; FEES 3 Annex 2R,
part 3
Pricing category applicable to the application set out in FEES 3 Annex 14R On or before the date the application is made As specified in FEES 3
Annex 14R

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(iv) any applicant for registration under regulation 14 of the Risk Transformation Regulations as a protected cell company; (v) an application for recognition of an administrator in accordance with
article 32 of the benchmarks
regulation;
(vi) an application for endorsement of a benchmark or family of benchmarks in accordance with
article 33 of the benchmarks
regulation;
(vii) an application for authorisation under regulation 7 of the DRS Regulations, or the operator of a trading venue seeking verification of their compliance with Title V of MiFID under regulation 8 of the DRS Regulations; (viii) an application for variation of an authorisation under regulation 12 of the DRS Regulations; (ix) an application for connection to the market data processor system to provide reports directly to the FCA under MiFIR; (x) an application to connect to the market data processor system to provide markets data (other than transaction reports) under MAR 10; (xi) an application for authorisation as a third party verifier. (ea) (i) A non-UK AIFM (with a branch in the UK) notifying the FCA of its intention to market an AIF in the UK under regulation 59 of the AIFMD UK regulation (ii) An AIFM notifying the FCA of its intention to market an AIF in the FEES 3 Annex 2R,
part 4
On or before the date the notification is made

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UK under regulation 58 or 59 of the AIFMD UK regulation [deleted] (eb) An applicant for registration on the register of small registered UK AIFM which the FCA is required to maintain under regulation 10 of the AIFMD UK regulation [deleted] £750 On or before the date the notification is made (f) Any person seeking an order under section 326(1) of the Act to become a designated professional body. Persons making an application referred to in FEES 3 Annex 15R – Transaction fees:
(i) any applicant for a certificate under article 54 of the Regulated Activities Order; (ii) a transferor in the case of an insurance business transfer scheme; (iii) an issuer applying for registration of a regulated covered bond; (iv) an issuer who proposes to make a material change to the contractual terms of a regulated covered bond under RCB 3.5.4D; (v) an applicant for FCA permission for:
i. an agreement to be
enforced under section
28A(3)(a) of the Act; or
ii. money paid or property
transferred under the agreement to be retained under section 28A(3)(b) of the Act. 10,000 Pricing category applicable to the application or notification set out in FEES 3 Annex 15R. As specified in FEES 3
Annex 15R
…
(n) Applicants to be added to the list of designated investment exchanges [deleted] 50,000 On or before the date the notification is made

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…
(p) A firm applying for a variation of its Part 4A permission, as referred to in FEES 3 Annex 16R, whose fee is not payable pursuant to sub￾paragraph (zza) or (zzh) of this table (1) Unless (2), (2A), (3), (3A), (3B), (3C), (3D) or 3(E) applies, if the proposed new business of the firm would fall within one or more activity groups specified in
Part 1 of FEES 4
Annex 1AR not
applicable before the application, the fee is 50% of the highest of the tariffs set out in FEES 3 Annex 1R which apply to that application. As specified in FEES 3
Annex 1R-Fees 3
Annex 14R
(2) Subject to (2A) below, if the firm’s application includes an application for a
Part 4A permission to
carry on a new credit￾related regulated activity, the fee is 50% of the highest of the tariffs set out in FEES 3 Annex 1R that would be payable under (1) above or, if higher, 50% of the highest of the tariffs set out in FEES 3
Annex 1R that would
be payable in relation to the new credit￾related regulated activity. Subject to (3) below, if the new business of the firm would fall within more than one pricing category in FEES 3
Annex 1AR, the fee
On or before the date the application is made

FCA 2021/63 payable is that in the highest pricing category applicable to the application. (2A) If an applicant which already has a
Part 4A permission to
carry on a credit
- related regulated activity exclusively applies for a Part 4A permission to carry on a new credit -related regulated activity, that is specified in Part 3 of FEES 3 Annex 1R in the straightforward category (or if it exclusively applies for a number of such permissions), the fee is £250. [deleted] (3) If the firm is in the A.1 fee -block at the date of the application and the variation involves adding any of the regulated activities of meeting of repayment claims or managing dormant account funds (including the investment of such funds), the fee is 50% of the fee in FEES 3
Annex 1R that applies
to that application[deleted]
(3A) If the applicant had a limited permission prior to the application to vary its
Part 4A permission,
100% of the highest of the tariffs set out in FEES 3 Annex 1R

FCA 2021/63 which apply to that application. [deleted] (3B) If the applicant has a limited permission and its application exclusively relates to another limited permission, the fee is 0 [deleted] (3C) If the applicant applies for registration under article 8(1) of the MCD Order at the same time as it applies for a variation of its
Part 4A permission,
the fee payable is the highest of:
(i) the fees set out in
FEES 3 Annex 10AR and;
(ii) the amount otherwise payable in (1), (2), (2A), (3), (3A) or (3B), or (4) accordance with FEES 3 Annex 16R; (3D) No fee is payable if the applicant satisfies the criteria set out in FEES 4 Annex 2BR(5)(a). [deleted] (4) In all other cases, other than applications by credit unions, the fee payable is 250 for firms which are not, or are not seeking to become, a PRA￾authorised person, and 125 for firms which are, or are seeking to become, a PRA-authorised

FCA 2021/63 person, unless the variation involves only the reduction (and no other increases) in the scope of a Part 4A permission in which case no fee is payable. [deleted] (3E) The fee is 12,500 if the firm applying:
(i) is an MTF operator and the proposed new business of the firm is to be an OTF operator; or (ii) is an OTF operator and the proposed new business of the firm is to be an MTF operator. [deleted] … (s) In the case of an insurance business transfer scheme, a transfer. Note - for the purpose of this paragraph an insurance business transfer scheme consists of a single transferor and a single transferee. Where however such a scheme is
part of a single larger scheme, that
larger scheme is treated as a single insurance business transfer scheme. If an insurance business transfer scheme includes more than one transferor in accordance with this paragraph, the transferors are liable to pay the fee under column (2) jointly. [deleted] Either (1) or (2) as set out below:
(1) In the case of an insurance business transfer scheme involving long term insurance business, 20,000; or (2) in the case of an insurance business transfer scheme not involving long term insurance business, 12,500. On or before any application is made for the appointment of a person as an independent expert. … (y) An applicant for authorisation as an authorised payment institution The highest of the tariffs set out in FEES 3 Annex 8 which On or before the date the application is made.

FCA 2021/63 under regulation 5 of the Payment Services Regulations A person who makes an application or notification to the FCA under the Payment Services Regulations, including an application for variation of authorisation or registration. apply to that application. Where an application only involves a simple change of legal status as set out in FEES 3
Annex 1 Part 6, the
fee payable is 50% of the tariff that would otherwise be payable in FEES 3 Annex 8R. The fee payable is that in the highest pricing category applicable to the application or notification as set out in FEES 3 Annex 8R. (ya) An applicant for registration as an account information service provider under regulation 17 of the Payment Services Regulations. [deleted] FEES 3 Annex 8R, paragraph (2)(i). Where an application only involves a simple change of legal status as set out in FEES 3
Annex 1 Part 6, the
fee payable is 50% of the tariff that would otherwise be payable in FEES 3 Annex 8R. On or before the date the application is made. (z) An application by a small payment institution for authorisation as an authorised payment institution because regulation 16 of the Payment Services Regulations applies [deleted] The highest of the tariffs set out in FEES 3 Annex 8R which apply to that application. On or before the date the application is made. (za) An applicant for registration as a small payment institution under regulation 13 of the Payment Services Regulations. [deleted] FEES 3 Annex 8R, paragraph (1). Where an application only involves a simple change of legal status as set out in FEES 3
Annex 1 R Part 6, the
fee payable is 50% of the tariff that would On or before the date the application is made.

FCA 2021/63 otherwise be payable in FEES 3 Annex 8R. (zb) An authorised payment institution applying to vary its authorisation under regulation 5 of the Payment Services Regulations. [deleted] (1) If prior to the variation the authorised payment institution is authorised to carry on any one or more of the payment services falling within paragraph (f), (g) or (h) of Part 1 of
Schedule 1 to the
Payment Services
Regulations and the authorised payment institution is applying to extend its authorisation to include any one or more of the payment services in (a) to (e), the fee is 50% of the highest of the tariffs set out in FEES 3
Annex 8R which
apply to that application.
(2) Where the authorised payment institution already has authorisation to provide payment services within any one or more of paragraphs (a) to (e) of Part 1 of Schedule 1 to the Payment Services Regulations and wishes to add one or more other services in (a) to (f); the fee payable is £250 irrespective of the number of agents it has. On or before the date the application is made.

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(3) Where the authorised payment institution already has authorisation to provide payment services within any one or more of paragraphs (a) to (f) of
Part 1 of Schedule 1 to
the Payment Services
Regulations and wishes to add one or both of the services in (g) and (h) the fee payable is £750, irrespective of the number of agents it has. (4) In cases where the variation involves only the reduction (and no increases) of the types of payment services to be carried on after the variation, no fee is payable. (zc) A small payment institution applying to vary its registration under regulation 13 of the Payment Services Regulations [deleted] (1) The fee is 50% of the tariff set out in FEES 3 Annex 8R, paragraph (1). (2) In cases where the variation involves only the reduction (and no increases) of the types of payment services to be carried on after the variation, no fee is payable. On or before the date the application is made. … (zg) An applicant for authorisation as an authorised electronic money institution under regulation 5 of the Electronic Money Regulations. The amount set out in FEES 3 Annex 10R. Where an application only involves a simple change of legal status as set out in FEES 3 On or before the date the application is made.

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A person who makes an application or notification to the FCA under the Electronic Money Regulations, including an application for variation of authorisation or registration.
Annex 1R Part 6, the
fee payable is 50% of the tariff that would otherwise be payable in FEES 3 Annex 10R. The fee payable is that in the highest pricing category applicable to the application or notification as set out in FEES 3 Annex 10R. (zh) An applicant for registration as a small electronic money institution under regulation 12 of the Electronic Money Regulations. [deleted] The amount set out in FEES 3 Annex 10R. Where an application only involves a simple change of legal status as set out in FEES 3
Annex 1R Part 6, the
fee payable is 50% of the tariff that would otherwise be payable in FEES 3 Annex 10R. On or before the date the application is made. (zi) An application by a small electronic money institution for authorisation as an authorised electronic money institution because regulation 16 of the Electronic Money Regulations applies. [deleted] The amount set out in FEES 3 Annex 10R. On or before the date the application is made. (zj) An authorised electronic money institution applying to vary its authorisation under regulation 8 of the Electronic Money Regulations. [deleted] (1) Subject to (2) below, the fee is 50% of the tariff for an electronic money institution authorisation application set out in FEES 3 Annex 10R. (2) Where the authorised electronic money institution applies to vary its permission so as to be able to provide one or On or before the date the application is made.

FCA 2021/63 both of the payment services in paragraphs (g) and (h) of Part 1 of
Schedule 1 to the
Payment Services
Regulations the fee payable is £750.
(zk) A small electronic money institution applying to vary its registration under regulation 12 of the Electronic Money Regulations. [deleted] The amount set out in FEES 3 Annex 10R. On or before the date the application is made. (zl) An applicant for recognition as an accredited body. [deleted] 2,500 On or before the date the application is made. (zm) An issuer applying for registration of a regulated covered bond. [deleted] (1) Unless (2) or (3) applies, 45,000. (2) In the case of a proposed covered bond or programme where the assets in the asset pool will consist primarily of UK residential mortgages, 25,000. (3) No fee is payable if the issuer satisfies the criteria set out in FEES 4 Annex 2BR(5)(b). On or before the date the application is made. (zn) An issuer who proposes to make a material change to the contractual terms of a regulated covered bond under RCB 3.5.4D. [deleted] (1) Unless (2) applies 6,500. (2) No fee is payable if the issuer satisfies the criteria set out in FEES 4 Annex 2BR(5)(c). On or before the date the notification under RCB 3.5.4D is made. … (zs) Applicant for FCA permission for an agreement to be enforced under section 28A(3)(a) and/or money paid or property transferred (1) If the application is for permission for an agreement to be enforced under section 28A(3)(a) of the Act On or before the date the application is made.

FCA 2021/63 under and agreement to be retained under 28A(3)(b) of the Act. [deleted] and for permission for money paid or property transferred under an agreement to be retained under
section 28A(3)(b) of
the Act, the fee is
£3,500 per type of agreement specified in the application. (2) If the application is for permission for an agreement to be enforced under section 28A(3)(a) of the Act only, the fee is £3,500 per type of agreement specified in the application. (3) If the application is for permission for money paid or property transferred under an agreement to be retained under
section 28A(3)(b) of
the Act only, the fee is
£3,500 per type of agreement specified in the application. Where there are a number of agreements of the same type, only one fee is payable in respect of those agreements. A number of agreements are of the same type when those agreements are entered into on the same terms and conditions. …

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(zw) An applicant for authorisation under regulation 7 of the DRS Regulations, or the operator of a trading venue seeking verification of their compliance with the DRS Regulations under regulation 8 of those regulations or an applicant for variation of an authorisation under regulation 12 of the DRS Regulations. [deleted] Either (1), (2), or (3) applies as set out below:
(1) If the applicant is applying for permission to operate one data reporting service, 5,000. (2) If the applicant is applying for permission to operate more than one data reporting services, 50% of the fee at (1) for each additional service plus the fee at (1). (3) If the applicant is applying for variation of an authorisation, 50% of the fee at (1) for each additional service. On the date the application is made. (zx) (1) Unless (2) applies, any person applying to connect to the market data processor system to make transaction reports directly to the FCA under MiFIR. (2) If a person has previously applied as stated in (zx)(1) above and has been connected then no further fee is payable for any further such applications. [deleted] (1) 20,000 On the date the application is made. (zy) (1) Subject to (2) and (3) below, any person applying to connect to the market data processor system to provide markets data (other than transaction reports) under MAR 10. (2) If a person has previously applied as stated in (zy)(1) above and has been connected then no further fee is payable for any further 10,000 On the date the application is made.

FCA 2021/63 such applications in relation to reporting the same data. (3) If a person has previously applied as stated in (zy)(1) above and makes a further application in relation to the provision of different data then a separate fee is payable for such application. [deleted] (zz) an applicant for registration under regulation 14 of the Risk Transformation Regulations as a protected cell company. [deleted] 500 On or before the date the application is made. (zza) An application for authorisation as a regulated benchmark administrator. The highest of the applicable tariffs set out in FEES 3 Annex 1R FEES 3 Annex 1AR. Where an applicant intends to administer benchmarks falling into different complexity groupings, it will pay one fee only, for the highest category applied for. If, once authorised, a regulated benchmark administrator notifies the FCA of its intention to administer other/additional benchmarks no further application fee is payable (even if the other/additional benchmark falls into a higher complexity category). On the date the application is made. (zzb) An application for recognition of an administrator in accordance with article 32 of the benchmarks regulation. [deleted] 5,000 On the date the application is made. (zzc) An application for endorsement of a benchmark or family of benchmarks in accordance 1,500 On the date the application is made.

FCA 2021/63 with article 33 of the benchmarks regulation. [deleted] (zzd) applications for claims management companies (1) £1,200 for claims management companies with annual turnover of up to and including £1,000,000; and (2) £10,000 for claims management companies with annual turnover of over £1,000,000. The fee applicable to the application as set out in paragraph CMC of Part 2 of FEES 3
Annex 1R.
Firms which already have Part 4A permissions and are applying to vary their permissions will receive a 50% reduction in pay 50% of the relevant fee. On the date the application is made. (zze) An application for authorisation as a third party verifier [deleted] (1) Unless (2) applies, 1,500. (2) Firms which already have Part 4A permissions will not receive a 50% reduction in the authorisation fee. On the date the application is made. … 3 Annex 1R Authorisation fees payable
Part 1 – Authorisation fees payable in the A, B, C, CC and CMC
fee-blocks

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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, (a) below in the pricing category applicable to the application as set out under:
(a) Part 1(a) below; or
(b) Part 2 below.
The fees applicable to credit unions are set out in Part 1b below. For PRA-authorised persons and persons seeking to become PRA-authorised persons, the amount payable to the FCA is the amount payable under Part 1(b). [Note: PRA-authorised persons may also pay regulatory transaction fees for new authorisations to the PRA as set out in
Chapter 4 of the Fees Part of the PRA’s Rulebook.]
The Tables below set out the following:
(1) fees for applications by credit unions in Part 1(b) and community finance organisations in Part 1(a); (2) application fees in respect of the complexity groupings that relate to regulated activities that are not credit-related regulated activities; and fees for applications in the A, B, C, CC and CMC fee-blocks in Part 2. (3) application fees in respect of the complexity groupings that relate to credit-related regulated activities. [deleted]
Part 1(a) Authorisation Fees payable to the FCA by FCA-authorised persons community
finance organisations
Application type Amount payable (£) (1) Community finance organisations (a) [deleted] (aa) Community finance organisations – where application is for a Part 4A permission limited to permission to carry on credit-related activity 200 Pricing category 1 in FEES 3 Annex 1AR

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(ab) Community finance organisations – where application is for a Part 4A permission as a home finance provider or home finance administrator 300 Pricing category 1 in FEES 3 Annex 1AR (ac) Community finance organisations – where application is for limited permission [deleted] (i) 100 if consumer credit annual income is between £0 - £50,000; and (ii) 200 if consumer credit annual income is more than £50,000 … (2) Complexity groupings not relating to credit-related regulated activities - see Part 2 [deleted] (d) Straightforward [deleted] 1,500 (unless otherwise specified in Part 2) (e) Moderately complex [deleted] 5,000 (unless otherwise specified in Part 2) (f) Complex [deleted] 25,000 (3) Complexity groupings relating to credit-related regulated activity - see Part 3 [deleted] Consumer credit annual income (£) 0 - 50,000 > 50,000 (g) Limited permission [deleted] 100 unless the application is for limited permission as a not-for-profit debt advice body, in which case the amount payable is 0 500 unless the application is for limited permission as a not-for￾profit debt advice body, in which case the amount payable is 0 Consumer credit annual income (£) [deleted] 0- 50,000

50,000 - –
00,000

100,000

• –
  50,000

250,000
-
1,000,000
1,000,000

FCA 2021/63
(h) Straightforward
[deleted]
600 750 1,000 1,500 5,000
(i) Moderately complex
[deleted]
800 1,000 1,500 5,000 10,000
(j) Complex [deleted] 1,000 1,250 2,000 7,000 15,000 (4) Complexity groupings relating to claims management companies [deleted] (k) Claims management companies with turnover of up to and including £1,000,000 [deleted] 1,200 (l) Claims management companies with turnover of over £1,000,000 [deleted] 10,000 (5) Complexity groupings relating to third party verifiers [deleted] (m) Third party verifiers [deleted] 1,500
Part 1(b) Authorisation Fees payable to the FCA by PRA-authorised persons
Application type Amount payable (£) (1) Credit unions … … (2) Complexity groupings not relating to credit-related regulated activities - see Part 2 [deleted] (d) Straightforward [deleted] 750 (unless otherwise specified in Part 2) (e) Moderately complex [deleted] 2,500 (unless otherwise specified in Part 2) (f) Complex [deleted] 12,500

FCA 2021/63
(3) Complexity groupings relating to credit-related regulated activity - see Part 3 [deleted] Consumer credit annual income (£) 0 - 50,000 > 50,000 (g) Limited permission [deleted] 50 unless the application is for limited permission as a not-for-profit debt advice body, in which case the amount payable is 0 250 unless the application is for limited permission as a not-for-profit debt advice body, in which case the amount payable is 0 0 -50,000 > 50,000–- 100,000

100,000–-
250,000
250,000 -
1,000,000
1,000,000
(h)
Straightforward
[deleted]
300 375 500 750 2,500
(i) Moderately complex
[deleted]
400 500 750 2,500 5,000
(j) Complex
[deleted]
500 625 1,000 3,500 7,500
Part 2 – Complexity groupings not relating to credit-regulated activities Pricing categories
applicable to applications made in the following activity groupings in the A, B, C, CC and CMC fee blocks Straightforward cases Straightforward cases Activity grouping Description Applicable pricing category in FEES 3 Annex 1AR A.1 Deposit acceptors (excluding e-money issuers and credit unions) and 7

FCA 2021/63 dormant account fund operators A.2 Home finance providers and administrators 6 A.3 Friendly societies only 4 UK ISPVs 6 Insurers

• general
  (excluding friendly societies and UK ISPVs 7 A.4 Friendly societies only 4 Insurers
• life
  (excluding friendly societies
  )
  7
  A.5 Managing agents at
  Lloyd
  ’ s
  5
  A.7 Portfolio managers
  6
  A.9 Managers and depositaries of investment funds, and operators of collective investment schemes or pension schemes 6 A.10 A firm to the extent it is bidding in emissions auctions Firms dealing as principal 6 A.13 Advisors, arrangers, dealers or brokers 4 A.14 Corporate finance advisers 4 A.18 Home finance providers, advisers 4

FCA 2021/63 and arrangers
(excluding home finance providers).
A.19 General insurance distribution 4 A.21 Holding client money or assets or both. 4 A.23 Carrying on funeral plan distribution 4 A.23 Carrying out a funeral plan contract as provider 4 A.23 Carrying out a funeral plan contract as provider and entering as provider into a funeral plan contract 6 B. Regulated benchmark administrators where the applicant intends to administer a non - significant benchmark 4 B. Service companies 6 B. Regulated benchmark administrators where the applicant intends to administer: - a significant benchmark; or

• a commodity
  benchmark
  6

FCA 2021/63 or an interest rate benchmark which has not been designated as a critical benchmark; or

• a regulated￾data
  benchmark other than one which is a non￾significant benchmark. B. MTF operators and OTF operators 8 B. Regulated benchmark administrators where the applicant intends to administer a critical benchmark 8 CC1 Credit-related regulated activity – limited permission 2 Not-for-profit debt advice body No fee payable CC2 (1) Credit broking; (2) Providing credit information services; (3) Advising on regulated credit agreements for the acquisition of land; (4) Debt adjusting where limited to:
  3

FCA 2021/63
(i) no debt management plans
;
(ii) settlement sale of goods
; or
(iii) settlement vehicle finance
.
(5) Debt counselling where limited to :
(i) no debt management plans
;
(ii) settlement sale of goods
; or
(iii) settlement vehicle finance
.
(1) Debt administration
;
(2) Debt collecting
;
(3) Entering into a regulated consumer hire agreement as owner ; (4) Entering into a regulated credit agreement as lender (excluding in relation to high -cost short -term credit, bill of sale loan agreements and home credit loan agreements ) ; (5) Exercising, or having the right to 5

FCA 2021/63 exercise
, the owner’s rights and duties under a regulated consumer hire agreement ; (6) Exercising , or having the right to exercise , the lender’s rights and duties under a regulated credit agreement (excluding in relation to high -cost short -term credit, bill of sale loan agreements and home credit loan agreements ) ; (7) Operating an electronic system in relation to lending . CC.2 (1) Debt adjusting except where limited to :
(i) no debt management plans
;
(ii) settlement sale of goods; or (iii) settlement vehicle finance. (2) Debt counselling except where limited to :
(i) no debt management plans;
6

FCA 2021/63
(ii) settlement sale of goods; or (iii) settlement vehicle finance. (3) Entering into a regulated credit agreement as lender in relation to high -cost short - term credit, bill of sale loan agreements and home credit loan agreements ; (4) Exercising, or having the right to exercise, the lender’s rights and duties under a regulated credit agreement in relation to high -cost short -term credit, bill of sale loan agreements and home credit loan agreements ; (5) Providing credit references . CMC Claims management companies applying only for the permission of seeking out persons who may have a claim. 4 Claims management companies applying for any other permission 6

FCA 2021/63
Moderately Complex Cases [deleted] Moderately complex cases [deleted] Activity grouping Description [deleted] [deleted] A.2 Home finance providers and administrators. A.3 UK ISPVs [deleted] [deleted] A.5 Managing agents at Lloyd’s A.7 Portfolio managers A.9 Managers and depositaries of investment funds, and operators of collective investment schemes or pension schemes A.10 Firms dealing as principal, except to the extent the firm is bidding in emissions auctions B. Service companies B. Regulated benchmark administrators where the applicant intends to administer:

• a significant benchmark; or
• a commodity benchmark or an interest rate benchmark which has not been
  designated as a critical benchmark; or
• a regulated-data benchmark other than one which is a non-significant
  benchmark.
  Complex Cases [deleted]
  Complex cases [deleted]

FCA 2021/63
Activity grouping Description
A.1 Deposit acceptors (excluding e-money issuers and credit unions) and dormant account fund operators A.3 Insurers - general (excluding friendly societies and UK ISPVs) A.4 Insurers - life (excluding friendly societies) B MTF operators and OTF operators B. Regulated benchmark administrators where the applicant intends to administer a critical benchmark
Part 3 - Complexity Groupings relating to credit-related regulated activity
Straightforward cases [deleted]
Activity grouping Description [deleted] CC.2 Credit broking; Providing credit information services; Advising on regulated credit agreements for the acquisition of land Moderately complex cases [deleted] Activity grouping Description [deleted] CC.2 Debt administration Debt collecting Entering into a regulated consumer hire agreement as owner Entering into a regulated credit agreement as lender (excluding in relation to high-cost short-term credit, bill of sale loan agreements and home credit loan agreements) Exercising, or having the right to exercise, the owner’s rights and duties under a regulated consumer hire agreement Exercising, or having the right to exercise, the lender’s rights and duties under a regulated credit agreement (excluding in relation to

FCA 2021/63 high-cost short-term credit, bill of sale loan agreements and home credit loan agreements) Operating an electronic system in relation to lending Complex cases [deleted]
Part 3A - Pricing categories applicable to applications made in the following activity
groupings in the A.23 fee block [deleted] Activity grouping Description Amount payable (£) A.23 Carrying on funeral plan distribution 2,500 Carrying out a funeral plan contract as provider 2,500 Carrying out a funeral plan contract as provider and entering as provider into a funeral plan contract. 10,000 … After FEES 3 Annex 1R (Authorisation fees payable), insert the following new section, FEES 3 Annex 1AR. The text is not underlined. 3 Annex 1AR FCA pricing categories Activity grouping Activity grouping [deleted] CC.2 Debt adjusting Debt counselling Entering into a regulated credit agreement as lender in relation to high-cost short-term credit, bill of sale loan agreements and home credit loan agreements Exercising, or having the right to exercise, the lender’s rights and duties under a regulated credit agreement in relation to high-cost short-term credit, bill of sale loan agreements and home credit loan agreements Providing credit references Operating an electronic system in relation to lending

FCA 2021/63
Category Price
Category 1 £250
Category 2 £500
Category 3 £1,000
Category 4 £2,500
Category 5 £5,000
Category 6 £10,000
Category 7 £25,000
Category 8 £50,000
Category 9 £100,000
Category 10 £200,000
Amend the following as shown.
3 Annex 2R Application and notification fees payable in relation to collective investment schemes, LTIFs, money market funds and AIFs marketed in the UK Legislative provision Nature and purpose of fee Payable by Amount of fee (£) Applicable pricing category in FEES 3
Annex 1AR
Umbrella factor
(note 1)
Part 1 [deleted]
…
Part 2 Application fees payable for firms to be subject to COLL

FCA 2021/63
(1) Regulation 12 of the OEIC Regulations, application for order declaring a scheme to be an ICVC This section applies to funds where an application is also made to be authorised under the Money Market Funds Regulation. On application for an order declaring a scheme to be an ICVC, where the scheme is a:
An applicant
2
UCITS scheme 1,200 4
Non-UCITS retail scheme 1,500 4
Qualified investor scheme 2,400 5 Long-term asset fund 2,400 5 (2) Section 242 of the Act, application for order declaring a scheme to be an AUT (3) Section 261C of the Act, application for order declaring a scheme to be an ACS, whether it is established as a co￾ownership scheme or a limited partnership scheme (1), (2) and (3) also apply to funds where an application is also made to be authorised under the Money Market Funds Regulation
Section 242 of the Act
This section also applies to funds where an application is also made to be authorised under the Money Market Funds Regulation On application for an order declaring a scheme to be an AUT, where the scheme is a:
An applicant
2
UCITS scheme 1,200 4
Non-UCITS retail scheme 1,500 4
Qualified investor scheme 2,400 5 Long-term asset fund 2,400 5
Section 261C of the
Act
On application for an order declaring a scheme to be an ACS, whether it is An applicant 2

FCA 2021/63
This section applies to funds where an application is also made to be authorised under the Money Market Funds Regulation established as a co￾ownership scheme or a limited partnership scheme, where the scheme is a:
UCITS scheme 1,200 4
Non-UCITS retail scheme 1,500 4 qualified investor scheme 2,400 5 long-term asset fund 2,400 5
Section 272 of the Act On application for an
order declaring a scheme to be recognised where the scheme is:
An applicant
2 a non-UK AIF or AIF equivalent to a UK UCITS, non-UCITS retail scheme, a qualified investor scheme or a long￾term asset fund 8,000 6 Where funds of any kind set out in Part 2 exist prior to 21 July 2018, a flat fee will be payable on an application for authorisation under the Money Market Funds Regulation 300 1
Part 2A Application fees payable for firms applying for a UK AIF to be authorised under the
ELTIF regulation
Article 5 of the ELTIF
regulation
On application for an AIF to be authorised under the ELTIF regulation An applicant 2,400 5 2
Part 2B Application fees payable for UK or non-EEA firms applying for authorisation under
article 5 of the Money Market Funds Regulation
Article 5 of the Money
Market Funds
Regulation
UK AIF (apart from those authorised as a non￾UCITS retail scheme, a qualified investor scheme or a long-term asset fund) 500 2

FCA 2021/63
Non-UK AIF which is marketed in the UK 750 3 Non-UK AIF which is not marketed in the UK 500 2 Non-UK AIF which is not managed by an AIFM but is marketed in the UK 750 3
Part 3 (notifications)
Section 264 of the Act On giving notice under
section 264 of the Act
The operator
600 3 2
Part 4 (Alternative Investment Funds: fees payable for making a notification to the FCA to
market an AIF)
Regulation 10 of the
AIFMD UK regulation
Application for registration on the register of small registered UK AIFMs the AIFM 3 N/A Regulation 57 of the AIFMD UK regulation On giving notice under regulation 57 of the AIFMD UK regulation – price payable per AIF the AIFM 250 per AIF 1 N/A Regulation 58 of the AIFMD regulation On giving notice under regulation 58 of the AIFMD UK regulation – price payable per AIF the AIFM 125 per AIF 1 N/A Regulation 59 of the AIFMD regulation On giving notice under regulation 59 of the AIFMD UK regulation – price payable per AIF the AIFM 250 per AIF 1 N/A …
Part 5 (Administration fee for money market funds that exist prior to 21 July 2018 which
need to apply for authorisation by the FCA by 21 January 2019)
Article 4 of the Money
Market Funds
Regulation
On application by an existing
21 July 2018 300 1 2

FCA 2021/63 money market fund which from 21 July 2018 seeks to be authorised under the Money Market Funds Regulation … 3 Annex 3R Application fees payable in connection with Recognised Investment Exchanges and Recognised Auction Platforms Description of applicant Amount payable Applicable pricing category in FEES 3
Annex 1AR
Due date
Part 1 (UK recognised bodies)
Applicant for recognition as a UK RIE 100,000 10 Date the application is made … Additional fees for a UK RIE applicant who proposes to:

• offer safeguarding and administration
  services
  25,000 8 Date the application is made
• use substantially new and untested
  information technology systems in the performance of its relevant functions 25,000 8 Date the application is made
  Part 2 (ROIEs)

FCA 2021/63
Applicant for recognition as a recognised overseas investment exchange 50,000 9 Date the application is made Additional fees for applicant who proposes to:

• offer safeguarding and administration
  services
  25,000 8 Date the application is made … 3 Annex 8R Fees payable under the Payment Services Regulations, including for authorisation as an authorised payment institution, or registration as a small payment institution, including notification fees and fees for variation of authorisation and registration, in accordance with the Payment Services Regulations Authorisation and registration fees payable Where an application involves a simple change of legal status as set out in FEES 3 Annex 1 Part 6, the fee payable is 50% of the tariff that would otherwise be payable. Where more than one fee is applicable to an application, the tariff payable is the highest of the applicable tariffs. Application type for authorisation, registration and notification under
  Part 2 of the Payment Services Regulations
  Amount payable
  Applicable pricing category in FEES 3
  Annex 1AR
  (1) small payment institution 500 2 (2) authorised payment institution - where the applicant is applying for authorisation to provide payment services in paragraph(s) (f) (money remittance) and/or (g) (payment initiation services) and/or (h) (account information services) of Part 1 of Schedule 1 to the Payment Services Regulations 1,500 4 (2)(i) registered account information service provider - where the applicant is applying for registration to provide payment services in paragraph (h) (account information services) of Part 1 of Schedule 1 to the Payment Services Regulations only 1,500 3

FCA 2021/63
(3) authorised payment institution - where the applicant is applying for authorisation to provide payment services in any one or more of paragraph(s):
…
5,000 5
…
(6) A person (service provider) - where, during the course of the FCA financial year (12 months ending 31 March) that person notifies the FCA under regulation 38 of the Payment Services Regulations of its use of the limited network exclusion or the electronic communications exclusion [Note: If the FCA determines that the claim for exemption is not valid and the business must apply for authorisation or registration, then the latest exemption charge paid by the business will be deducted from the relevant application fee.] 300 1 If the FCA determines that the claim for exemption is not valid and the business must apply for authorisation or registration, then the latest exemption charge paid by the business will be deducted from the relevant application fee. (7) A person (service provider) – where, during the course of the FCA financial year (12 months ending 31 March), that person notifies the FCA under regulation 39 of the Payment Services Regulations of its use of the electronic communications exclusion [deleted] 200 If the FCA determines that the claim for exemption is not valid and the business must apply for authorisation or registration, then the latest exemption charge paid by the business will be deducted from the relevant application fee. (8) The fees set out in paragraphs (8)(a), (b) and (c) are applicable to an authorised payment institution applying to vary its authorisation under regulation 5 of the Payment Services Regulations where the authorised payment institution is applying to increase the payment services that it is permitted to carry on. The fees in these paragraphs are irrespective of the number of agents the applicant has.

FCA 2021/63
(a) If the authorised payment institution is authorised to carry on payment services in paragraphs (f), (g) or (h) of Part 1 of
Schedule 1 to the Payment Services Regulations and is
applying to extend its authorisation to include any one or more of the payment services in (a) to (e) of Part 1 of
Schedule 1.
50% of 4
(b) If the authorised payment institution is authorised to carry on payment services in paragraphs (a) to (e) of Part 1 of
Schedule 1 to the Payment Services Regulations and is
applying to add one or more of the services in (a) and (f). 50% of 4 (c) If the authorised payment institution is authorised to carry on payment services in paragraphs (a) to (f) of Part 1 of
Schedule 1 to the Payment Services Regulations and is
applying to add one or both services in (g) and (h). 50% of 4 These charges are irrespective of the number of agents the applicant has. (9) Variation of registration under regulation 13 of the Payment Services Regulations where the small payment institution is applying to increase the payment services that it is permitted to carry on. 50% of 2 Note: See FEES TP 17 for transitional provisions relating to fees payable for authorisation as an authorised payment institution or registration as a small payment institution under the Payment Services Regulations 2017 (SI 2017/752). … 3 Annex 10R Fees payable under the Electronic Money Regulations, including for authorisation as an authorised electronic money institution, or registration as a small electronic money institution or variation thereof, including and notification fees, in accordance with the Electronic Money Regulations Authorisation, registration and variation fees payable Application type for authorisation, registration, variation or notification under Part 2 of the Electronic Money Regulations Amount payable Applicable pricing category in FEES 3
Annex 1AR

FCA 2021/63
(1) small electronic money institution 1,000 3 (2) authorised electronic money institution 5,000 5 … (5) An authorised electronic money institution applying to vary its authorisation under regulation 8 of the Electronic Money Regulations. (a) Subject to (5)(b) below, where the authorised electronic money institution is applying to vary its authorisation to increase the services that it can carry on. 50% of 5 (b) Where the authorised electronic money institution applies to vary its authorisation to provide one of both of the one or both of the payment services in paragraphs (g) and (h) of Part 1 of Schedule 1 to the Payment Services Regulations. 50% of 4 (6) A small electronic money institution applying for a variation of registration under regulation 12 of the Electronic Money Regulations. 50% of 3 3 Annex 10AR Fees payable for registration as a CBTL firm under article 9 of the MCD Order Application type for registration under article 9 of the MCD Order Amount payable Applicable pricing category in FEES 3
Annex 1AR
(1) An applicant who, at the time of application, holds a Part 4A permission or interim permission and has not had a registration as a CBTL firm revoked under article 13 of the MCD Order. £100 1 (2) An applicant who, at the time of application, (a) does not hold a Part 4A permission or interim permission; or (b) has previously held a registration as a CBTL firm which was revoked under article 13 of the MCD Order. £500 2

FCA 2021/63
…
After FEES 3 Annex 13R (Fees payable for registration as a credit rating agency, trade repository or securitisation repository), insert the following new annexes, FEES 3 Annex 14R, FEES 3 Annex 15R and FEES 3 Annex 16R. This text is not underlined. 3 Annex 14R Other FCA application fees Application type Pricing category in FEES 3
Annex
1AR
Due date
1 Any person seeking an order under section 326(1) of the Act to become a designated professional body 6 30 days after the order is granted 2 Any applicant to be added to the list of designated investment exchanges 9 On or before the date the application is made 3 Any applicant for recognition as an accredited body 4 On or before the date the application is made 4 Any applicant for registration under regulation 14 of the Risk Transformation Regulations as a protected cell company 2 On or before the date the application is made 5 Applications under the benchmarks regulation (a) recognition of an administrator in accordance with article 32 of the benchmarks regulation 5 On the date the application is made (b) endorsement of a benchmark or family of benchmarks in accordance with
article 33 of the benchmarks regulation
3 On the date the application is made 6 Applications under the Data Reporting Services Regulations in relation to MiFID and/or MiFIR and/or MAR

FCA 2021/63
(a) Application for authorisation under regulation 7 of the DRS Regulations, or the operator of a trading venue seeking verification of their compliance with Title V of MiFID under regulation 8 of the DRS Regulations. The pricing categories in either (a)(i), (ii) or (iii) below apply (i) Application to operate one data reporting service, plus 50% of the fee for each additional service applied for 5 On the date the application is made (ii) Application to operate more than one data reporting services 50% of 5 for each additional service plus 5 (iii) Variation of an authorisation under regulation 12 of the DRS Regulations 50% of 5 (b) Application to connect to the market data processor system to provide reports directly to the FCA under MiFIR, subject to (b)(i) below 7 On the date the application is made (i) If a person has previously applied as stated in (d) and had been connected then no further fee is payable for any further applications (c) Application to connect to the market data processing system to provide markets data (other than transaction reports) under MAR 10, subject to (c)(i) and (ii) below 6 On the date the application is made (i) If a person has previously applied as stated in (c) above and has been connected, then no further fee is payable for any further such applications in relation to reporting the same data

FCA 2021/63
(ii) If a person has previously applied as stated in (c) above and makes a further application in relation to the provision of different data, then a separate fee is applicable for such an application Category 6 fee for each application On the date the application is made 7 An application for authorisation as a third party verifier 3 On the date the application is made 3 Annex 15R FCA Transaction Fees Application type Pricing category in FEES 3
Annex
1AR
Due date
1 Any applicant for a certificate under article 54 of the Regulated Activities Order 4 On or before the date the application is made 2 A transferor in an insurance business transfer scheme:
(a) Insurance business transfer scheme involving long-term insurance business 7 On or before the date any application is made for the appointment of a person as an independent expert (b) Insurance business transfer scheme not involving long-term insurance business 6 [Note: for the purpose of this charge, an insurance business transfer scheme consists of a single transferor and a single transferee. Where a scheme is part of a single larger scheme, that larger scheme is treated as a single insurance business transfer scheme. If an insurance business transfer scheme includes more than one transferor, they are liable to pay the fee under column (2) jointly.] 4 Regulated Covered Bonds (a) An issuer applying for registration of a regulated covered bond:

FCA 2021/63
(i) When the assets in the asset pool will consist primarily of UK residential mortgages 7 On or before the date the application is made (ii) Any other application for registration 8 (c) An issuer who proposes to make a material change to the contractual terms of a regulated covered bond under RCB 3.5.4D 5 On or before the date the notification under RCB 3.5.4D is made 5 Validation Orders Any applicant for FCA permission for an agreement to be enforced under section 28A(3)(a) and/or money paid or property transferred under an agreement to be retained under and agreement to be retained under
section 28A(3)(b) of the Act is charged
according to the total value of the agreements specified in the application. Payment must be made on or before the application is made. Value of agreements Up to £500,000 3 On or before the date the application is made Above £500,000 - £750,000 4 Above £750,000 - £1,000,000 5 Above £1,000,000-£7,500,000 6 Over £7,500,000 7 3 Annex 16R Fees for an application for variation of permission The fee relevant to the application is due on or before the date the application is made. Application type Applicable pricing category in FEES 3
Annex 1AR

FCA 2021/63
1 Reduction in the scope of the applicant’s permissions and no other increases N/A Where the application is to increase permissions:
2 Unless (4)-(11) applies, an application for a variation of
Part 4A permission within:
(a) Fee-blocks A.1, A.3, A.4, A.5 Category 1 (b) Any other fee-block Category 2 3 The proposed new business falls within an activity group specified in FEES 4 Annex 1R within which the applicant does not already hold any permission 50% of the highest pricing category relevant to the application 4 The proposed new business falls within an activity group specified in FEES 3 Annex 1R within which the applicant does not already hold any permission 50% of the highest pricing category relevant to the application 5 Credit-related permissions (a) Activity group CC1 – any applicant which already holds a limited permission and applies for:
(i) Another limited permission activity No fee payable (ii) Any other credit-related permission 100% of highest pricing category relevant to the application. (b) Activity group CC2 – any applicant which already holds a permission within activity group CC2 and applies for another permission within CC2 50% of the highest pricing category (c) Community finance organisations and credit unions 50% of the highest pricing category relevant to the application 6 Any applicant in activity group A.1 which applies for the permissions of meeting of repayment claims or managing dormant account funds (including the investment of such funds) 50% of the highest pricing category relevant to the application

FCA 2021/63
7 Credit union applying to vary its permission for:
(a) credit-related activity £50
(b) any other activity £75
8 Simple change of legal status (see definition in FEES 3
Annex 1R Part 6)
50% of the highest pricing category relevant to the application 9 Application by MTF operator to become an OTF operator or an OTF operator to become an MTF operator 50% of Category 8 10 Notification of the intention of a regulated benchmark administrator to administer benchmarks additional to those included in its original application for authorisation 0 Amend the following as shown. App 4
Annex 1
Application fee payable by cryptoasset businesses registered under the Money Laundering Regulations … (1) Registration fee:
Cryptoasset business with revenue up to and including £250,000 £2,000 Cryptoasset business with revenue over £250,000 £10,000 Category 6 [Note: Regulation 102 of the Money Laundering Regulations]

© Financial Conduct Authority 2022 12 Endeavour Square London E20 1JN Telephone: +44 (0)20 7066 1000 Website: www.fca.org.uk All rights reserved Pub ref: 007794