The FCA has published Consultation Paper 16/33: Regulatory fees and levies: policy proposals for 2017/18 (CP16/33). In CP16/33 the FCA sets out its proposed policy changes regarding how its fees will be raised from 2017/18. In particular, the FCA:
- sets out proposals to introduce a new levy on consumer credit firms in order to recover HM Treasury’s expenses in tackling illegal money lending as required under section 333T of the Financial Services and Markets Act 2000 (as inserted by the Bank of England and Financial Services Act 2016);
- seeks comments on the fee-blocks through which its proposes to recover its costs in implementing MiFID II;
- proposes to base the fees of recognised investment exchanges and benchmark administrators on income and to adjust the charging structure for service companies; and
- proposes to update the Fees manual in the Handbook with a number of technical clarifications.
The FCA will also be consulting on proposals affecting the reporting of consumer credit income for fees purposes. These proposals will be included in a consultation the FCA will undertake later on this year.
The deadline for comments on CP16/33 is 16 January 2016. The FCA will publish its feedback together with final rules and guidance in a Handbook Notice in February or March 2017.
View FCA consults on regulatory fees and levies for 2017/18, 16 November 2016