The FCA has published Consultation Paper 17/38: Regulatory fees and levies: policy proposals for 2018/19 (CP17/38).
In CP17/38 the FCA sets out its proposed policy changes to the way that FCA fees will be raised from 2018/19. After the summary in chapter 1 the layout of CP17/38 is as follows:
- chapter 2 – proposed tariff data the FCA will use to calculate insurers’ FCA periodic fees and the Financial Ombudsman Service annual levies from 2018/19;
- chapter 3 – proposed changes to update the scope of the FCA’s financial penalty scheme;
- chapter 4 – invites views on whether and how the FCA might refine the definition of credit-related income to take account of the specific circumstances of consumer hire agreements;
- chapter 5 – informs Northern Ireland credit unions, co-operatives and community benefit societies how they will fit into the FCA’s fees structure when the regulator becomes their registration authority in 2018;
- chapter 6 – seeks views on whether the FCA should recover its administration costs by charging firms which require the regulator to issue them with paper invoices through the post, instead of using the automated invoicing system. If there is support, the FCA will consult next year on introducing a charge from 2019/20; and
- chapter 7 – consults on a revised methodology for calculating the levy which funds the debt advice work of the Money Advice Service. The proposal is to align the levy more closely with firms’ lending activities.
The deadline for comments on CP17/38 is 15 January 2018.
View CP17/38: Regulatory fees and levies: policy proposals for 2018/19, 13 November 2017