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FCA consults on its proposals for its regulatory fees and levies for 2023/24

Link(s):CP23/7: Regulatory fees and levies: policy proposals for 2023/24 | FCA
CP23/7: FCA regulated fees and levies: rates proposals for 2023/24

Context

The FCA is consulting on the rates for the regulatory fees and levies for the next financial year (1st April to 31st March).

Key points to note

The FCA has published its 2023/24 Business Plan, which sets out its priorities for the coming year and how it plans to achieve its objectives, alongside this consultation.  The Consultation Paper explains how it proposes to recover the costs of carrying out this work, covering:

  • The FCA’s annual funding requirement and its allocation across fee-blocks
  • Details of the FCA periodic fees for authorised firms
  • FCA fees for other bodies
  • The new structure of application fees introduced in January 2022
  • How it handles the revenue from financial penalties imposed on firms

It also consults on the Financial Ombudsman Service general levy and levies collected on behalf of government departments for the next financial year.

Feedback on responses to this Consultation Paper, as well as final fees and levy rates, will be published in a Policy Statement in June/July 2023.

Next actions

None – for information and awareness.