On 10th of January, the Financial Conduct Authority (“FCA”) published their policy statement, PS22/1, detailing the regulator’s latest authorisation application fees. The new fee structure comes in from the 24th January 2022. The FCA consulted on these changes in November 2020 with feedback following in April 2021.
The changes include the introduction of:
- A lower charge when firms that apply for the credit-related permissions of debt counselling and debt adjusting request restrictions on their permitted activity because it is ancillary to their main business.
- A charge for lead generator Claims Management Companies applying for permission to seek out people who may have a claim.
The FCA will also introduce a new charge of £250 for stand-alone long Form A applications both for Senior Manager Functions and for Controlled Functions for Appointed Representatives. However, the regulator will introduce this fee at a later date.
Firms which currently have draft applications but have not submitted before 6pm on Friday 21st of January will be required to pay fees in line with the new structure.