The FCA’s website has been updated following its annual consultation on consumer credit fees.
The 3 types of fees charged by the FCA:
1. Authorisation application fee
Firms have to pay a non-refundable application fee when they apply for authorisation.
The application fee that a firm offering consumer credit has to pay depends on the size of its business and whether it has limited permission or full permission.
2. Variation of permission application fee
An authorised firm that wants to change its permissions, including to add consumer credit activities, needs to apply for a variation of permission.
A firm will not have to apply for a variation of permission if we do not regulate the new business or service.
3. Annual fee
An authorised firm has to pay an annual fee (or ‘periodic fee’) each year it is authorised.
A consumer credit firm with interim permission does not have to pay an annual fee for consumer credit until it becomes authorised for these activities.
We will invoice a firm for its first annual fee shortly after it becomes authorised. Our annual fee cycle then runs from April to March. Find out more about our annual fee cycle.
Note: The information above has been taken from the FCA’s website.