Context
The FCA has updated its Pricing categories for application fees web page with information relating to draft Senior Managers / Approved Persons applications. The update takes the form of three Q&As.
Key points to note
- Draft applications that were not submitted by 27th May will incur the new £250 fee when submitted.
- No warning was provided to firms with draft applications. The FCA has added a message on the Connect landing page for those submitting applications, which states the date when the new application fees are due to take effect (27th May 2022).
- If an application was part-complete, and in draft, and could not be completed because of an FCA system error, the FCA has confirmed that under normal circumstances the new fee will still apply. However, the FCA can consider this on a case-by-case basis. Contact the Supervision Hub if you need to discuss this further.
Next actions
None – for information.