New Year, New Fees
Towards the end of 2021, Apricity spoke about new applications for authorisation with the FCA. We published a guide and hosted a webinar on the considerations as to why individuals may be tempted by the route to direct authorisation. One of the key elements discussed was the costs associated with applications, mainly the £1,500 FCA authorisation fee (for straightforward applications). And in true regulatory style, less than one month later, that has now changed (or is soon to change).
Monday 10th January saw the release of; ‘PS22/1 FCA authorisation application fees: new structure’. This policy statement explains the new fee categories for applications to the FCA, split into 10 new categories. All new applications fall into one of these categories based on the permissions and activities being applied for. These range from £250 all the way through to £200,000.
A firm applying for fairly standard IFA permissions (classified still as straightforward) fall into Category 4 which is now £2,500. A considerable £1,000 increase from the previous fee.
Variation of Permission fees is also going up from £250 to £500. This increases when adding a permission or activity that means you remain in the same ‘fee block’.
These changes are coming into force on the 24th of January 2022. Less than two weeks away. Any applications submitted after this date will be subject to the new fees.
The FCA is also consulting on whether to add £250 for stand-alone long Form A applications both for Senior Manager Functions and for Controlled Functions for Appointed Representatives.
If you’re thinking of going directly authorised, download our guide here.