The FCA has published Consultation Paper 15/34: Regulatory fees and levies: policy proposals for 2016/17 (CP15/34). CP15/34 is marks the first part of the FCA’s annual fees consultation cycle and sets out its proposed policy changes to how fees will be raised from 2016/17.
In summary CP15/34 is structured as follows:
- chapter 2 sets out FCA proposals for creating a free standing FCA fees handbook, separate from the PRA Handbook;
- chapter 3 presents proposals for recovering the data reporting costs associated with market monitoring under MiFID II and MiFIR;
- chapter 4 follows a earlier FCA discussion paper about the fees it intends to charge to recover its costs as the UK Listing Authority;
- chapter 5 presents two proposals: (i) 10% discount on fees paid by EEA branches ‘passporting’ into the UK market as home finance intermediaries under the Mortgage Credit Directive; and (ii) bringing forward from 30 April to 1 April the ‘on-account’ date when larger firms pay the first instalment of their annual fees with effect from 1 April 2016; and
- chapter 6 invites credit providers to express interest in offering credit to firms that wish to pay their fees in instalments.
The deadline for comments on CP15/34 is 8 January 2016.
View CP15/34: Regulatory fees and levies: policy proposals for 2016/17, 5 November 2015