On 5 April 2023, the FCA published Consultation Paper 23/7 ‘FCA regulated fees and levies: rates proposals for 2023/24’ (CP23/7).

CP23/7, published alongside the FCA’s 2023/24 Business Plan, explains how the FCA proposes to cover the costs of the work it will carry out in the coming year, including:

• The FCA’s annual funding requirement and its allocation across fee-blocks.
• Details of the FCA periodic fees for authorised firms.
• FCA fees for other bodies.
• The new structure of application fees introduced by the FCA in January 2022.
• How the FCA handles the revenue from financial penalties imposed on firms.

In CP23/7, the FCA also consults on the Ombudsman Service general levy and levies collected on behalf of government departments for the next financial year.

The deadline for feedback to CP23/7 is 11 May 2023. A policy statement setting out feedback on responses received to CP23/7 and the final fees and levy rates will be published in June or July 2023.