The FCA has published a supplement to Consultation Paper 13/14: Regulatory fees and levies: policy proposals for 2014/15 (CP13/14) to make revised proposals for consumer credit application fees.
In the supplement, the FCA presents an amendment to the proposed application fees for firms seeking full consumer credit permissions that it originally set out for consultation in paragraphs 2.16 to 2.24 of CP13/14.
In CP13/14, the FCA proposed a fee structure for consumer credit applications based on four categories of complexity as an indicator of the resources that it expects to put into assessing such applications: straightforward, moderately complex, complex and very complex.
The FCA proposes to modify the complexity categories to take account of the size of the business. Adapting the model it proposed for limited permissions, it would scale the charges within each category according to firms’ consumer credit income. To keep matters as simple as possible it is also merging the complex and very complex categories.
The deadline for comments on the supplement is 16 January 2014. The deadline for responses to the rest of CP13/14 is still 6 January 2014.