FSA consults on fees and levies: FSA is consulting on policy proposals for its fees and levies. This paper covers 2011-12. The main proposals:
- discuss the level of application and periodic fees for e-money institutions under EMD2. It plans an application fee of £5,000 for ordinary e-money institutions, and £1,000 for small institutions. It is also proposing a set £1,000 periodic fee for small institutions and a graduated fee initially based on outstanding e-money liabilities for others;
- introduce a mechanism for firms to pay fees for using transaction reporting services using individual contractual arrangements if they wish;
- extend the Consumer Financial Education Body (CFEB) levy to payment institutions;
- confirm that fund managers should exclude their own funds from their assets under management calculation; and
- create a new fee block to recover the costs of supervising the client money and assets regime.
FSA is also consulting on some minor changes and giving feedback on responses received to its consultation paper on its fees and levies policy. FSA needs comments on its e-money proposals by 26 November as it will be accepting applications from early in 2011 and also wants comments on the changes to the transaction reporting rules and some other minor changes then. It wants comments on the CFEB levy and some e-money questions by 7 January, and on the client money block proposals by 1 March.