News Details

06 Feb, 2008

FSA Fees

The FSA has published  a Consultation Paper about their fees for the forthcoming year.

 If you have received a request for fee tariff data directly then a response must be made by 29th February – or face a £250 “administration fee”.

 If you are looking to cease to operate in a specific sector then the application needs to be submitted before the end of March – otherwise the full year 2008/9 fee will be requested.  [ie ceasing to undertake non-investment insurance business].

 Invoices are planned to be issued in June with 30 day terms. Late payers will incur the £250 “administration fee” plus interest.

 Fee block changes :

 A.13 – Advisory arrangers, dealers or brokers (not holding client money):   [IFA’s]

increase in minimum fee of £200 from £1,650 to £1,850; and lower charge bands increase by 3.6% with the higher bands remaining constant;

A.18 – Home finance providers, advisers and arrangers:   [mortgage brokers]

 increase in minimum fee of £95 from £650 to £745; and an increase in all charge bands of 13% which also reflects the increasing work we are doing in the mortgage markets;

A.19 – General insurance intermediaries:

 increase in the minimum fee of £40 from £410 to £450; and an increase in lower charge bands of 11.1% with the higher charge bands increasing by 6.0%.

A.13 [IFA Investment business]

 

Minimum fee (£) 1,850

No. of persons Fee (£/person)

0 - 1                          0

2 - 4                          1,002.00

5 - 10                            978.00

11 - 25                          939.00

26 - 500                        835.00

501 - 4,000                   767.00

>4,000                          724.00

A.18  [Mortgage brokers]

Minimum fee (£) 745

£ thousands of Annual Fee (£/£ thousand or part £ thousand of AI)

 

Income (AI)

0 – 100                                      0

>100 - 1,000                        5.18

>1,000 - 5,000                      4.33

>5,000 - 10,000                    3.46

>10,000 - 20,000                  2.60

>20,000                                 2.18

 

A.19 [General Insurance]

Minimum fee (£) 450

 

£ thousands of Annual Income (AI)

Fee (£/£ thousand or part £ thousand of AI)

0 - 100                                       0

>100 - 1,000                         4.31

>1,000 - 5,000                      3.77

>5,000 - 15,000                    2.60

>15,000 - 100,000                1.04

>100,000                               0.42

Financial Ombudsman Service

FOS case fees are also planned to increase from £400 to £450 but with each firm being entitled to three instead of two “free” case referrals per year.

 

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