In January of each year, the FCA requests information from all FCA-regulated firms, including:
- Annual income from regulated activities.
- Other data as a measure of the size of the business.
- An explanation of any significant increase or decrease from the previous year.
The amalgamated information is known as tariff data. This data is subsequently used by the FCA to work out annual fees for the following financial year.
The FCA would prefer to receive this information from firms by the end of January, and no later than the end of February. If firms fail to meet this deadline, they will receive a penalty fine of £250 and be charged on estimated tariff rates. Firms signed up for online invoicing will receive a form, to be returned to email@example.com.
The FCA has published guidance on the FCA fee blocks, the tariff base and the administrative points to consider.