FCA is consulting on its policy for raising fees and levies from 2016/17. FCA is proposing to:
- create a free-standing FCA “fees handbook”, separate from the PRA Handbook. PRA is carrying out a similar consultation on its Handbook;
- recover the data reporting costs associated with market monitoring under the revised MiFID 2 and Markets in Financial Instruments Regulation (MiFIR);
- simplify and clarify FCA transaction charges and annual fees for UK Listing Authority (UKLA) costs recovery, and to target cost recovery more effectively towards the demands made on the UKLA’s resources. These proposals follow up a February 2015 discussion paper on fees relating to UKLA costs;
- levy a 10% discount on fees paid by EEA branches passporting into the UK as home finance intermediaries under the Mortgage Credit Directive; and
- bring forward from 30 April 2016 to 1 April 2016 the “on account” date when larger firms pay the first instalment of their annual fees, effective as at the revised date.
Consultation closes on 8 January 2016. (Source: FCA CP15/34 Regulatory Fees and Levies Consultation)