27 October 2010

FSA publishes a consultation paper on regulatory fees and levies

 This CP explains fee and levy policy proposals for consultation; a clarification of policy; some minor rule changes; and some topics for information.
• FSA is consulting on the application fees and basis for periodic fees for electronic money institutions under the Second Electronic Money Directive (2EMD).
• FSA proposes to amend the conditions in FEES 4 Annex 3 for firms using the Transaction Reporting System, so they can pay for the service through individual contractual arrangements.
• Regarding CFEB, in 2011/12 FSA is maintaining the levy structure established in 2010/11. Once it has greater operational experience, CFEB intends to review the position and propose a framework that matches its own business activities more closely. FSA is also making proposals to extend CFEB levies to payment institutions.
• FSA is issuing a policy clarification and incorporating new guidance into the fees manual.
• FSA is setting out, for discussion, our proposals on funding our initiative to enhance our regulatory focus on client money and assets.
• FSA sets out further feedback on the response it received from the Association of Independent Financial Advisers in the latter stage of the consultation on the strategic review of its cost allocation and fees model which was undertaken during 2009/10.

There are three consultation deadlines for the different questions in this consultation paper: 26 November 2010, 7 January 2011 and 1 March 2011.

Full consultation paper

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