The FCA has published a web page on annual consumer credit fees. This page explains that:
- A consumer credit firm has to pay an annual fee (a periodic fee) each year the firm is authorised;
- The FCA will invoice a firm for its first annual fee shortly after it becomes authorised to carry out consumer credit regulated activities;
- A firm’s annual fee invoice will include fees and levies on behalf of other regulatory bodies, such as the Financial Ombudsman Service and Money Advice Service; and
- A firm’s annual fee depends on whether it has limited permission or full permission (which determines the ‘fee block’) and also its annual income from ‘consumer credit activities.’ It is therefore important that firms calculate their annual income correctly as this will affect the amount of fees and levies they will pay.
The web page also details the 2015/16 annual fees for firms offering consumer credit. Alternatively, a consumer credit firm can estimate their fees by using the FCA’s fees calculator – firms will need to know their permission type or fee block, annual income and the date they became authorised.