CP15/34: Regulatory fees and levies: policy proposals for 2016/17

This Consultation Paper covers the first part of our annual fees cycle, where in October/November we consult on any changes to the policy on how fees and levies are raised. Depending on the proposed policy change, we would expect to provide feedback on the responses received to this consultation in the following February or March Handbook Notice.

Why are we issuing this Consultation Paper?

We are proposing to:

• create a free-standing FCA fees handbook, separate from the PRA handbook (at the moment the two handbooks are linked). The PRA is holding a similar consultation on its handbook. We will only be making the minimum necessary textual changes, and are not proposing any policy changes.
• recover the data reporting costs associated with market monitoring under the Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instrument Regulation (MiFIR).
• simplify and clarify our transaction charges and annual fees for UK Listings Authority (UKLA) costs recovery, and to target cost recovery more effectively towards the demands made on UKLA's resources.
• levy a 10% discount on fees paid by European Economic Area (EEA) branches that 'passport' into the UK market as home finance intermediaries under the Mortgage Credit Directive
• bring forward from 30 April to 1 April the 'on-account' date when larger firms pay the first instalment of their annual fees with effect from 1 April 2016.

CP15/34: Regulatory fees and levies: policy proposals for 2016/17[1] (PDF)

Who is this consultation aimed at?

Each chapter of the consultation paper identifies the firms and other bodies it will affect. Although are fees rules are not directly of interest to consumers, indirectly our fees are met by them.

What are the next steps?

We want to know what you think of these proposals. Please respond to the question in Annex 1 of the Consultation Paper by 8 January 2016 using our online form[2].

You can also email your answers to us at:

[email protected]

Or send them in writing to:

David Cheesman
Finance Division - fees policy
Financial Conduct Authority
25 The North Colonnade
Canary Wharf
London E14 5HS

We will consider your feedback and publish a Policy Statement with final rules and guidance.

Further information

How we decide rates for annual fees[3]

How we calculate annual fees[4]

FCA Handbook fees manual[5]