On 29 November 2022, the FCA published Consultation Paper 22/23 ‘Regulatory fees and levies: policy proposals for 2023/24’ (CP22/23). In CP22/23 the FCA sets out its proposed policy changes to the way in which it will raise FCA fees from 2023/24.
Each chapter of CP22/23 covers a self-contained area of policy:
- Chapter 2 sets out the FCA’s proposed approach to the assumptions needed to set next year’s consultation on fee-rates, looking closely at inflation and the cost of living.
- Chapter 3 provides updates on the charges that principal firms pay for appointed representatives and options the FCA are considering for redefining the fees calculations for firms subject to the Investment Firms Prudential Regime.
- Chapter 4 proposes a new fee for applications under the new financial promotions regime, amends some of the charges for Data Reporting Service Providers, Trade Repositories and Securitisation Repositories and clarifies the definition of gross income in fee-block A.9 (managers and depositaries of investment schemes or pension schemes).
- Chapter 5 gives information about the Economic Crime Levy, which the FCA are required, under new legislation, to collect on behalf of HM Treasury from 2023/2.
The deadline for responses to CP22/23 is 16 January 2023.