The FCA has advised upcoming changes to authorisation application fees as follows:
“On 24 January we’ll be simplifying our authorisation application fees including Variation of Permission. Today we’ve published Policy Statement 22/1, which follows our consultation in November 2020 and feedback on the responses in April 2021. We’ll be introducing fewer pricing categories.
The changes include the introduction of:
- A lower charge when firms that apply for the credit-related permissions of debt counselling and debt adjusting request restrictions on their permitted activity because it is ancillary to their main business.
- A charge for lead generator Claims Management Companies applying for permission to seek out people who may have a claim.
Further work is required before we introduce the new charge of £250 for stand-alone long Form A applications both for Senior Manager Functions and for Controlled Functions for Appointed Representatives. This change was part of our consultation. We’ll still be introducing that fee and will update you on our plans in due course.”
A summary of the changes can be found here and the full Policy Statement (PS22/1) is here.
Suitability reports – silver bullet, or not?
Paul Jay Compliance, Suitability DB Pension, FCA, MiFID, Pension, Pension Transfer, PI, transfer, Xplan
If you ask most advice firms which part of the advice process consumes the most time, most will reply: “Suitability Reports”. Based on the mammoth documents that some firms still produce, we can understand why. We do have some sympathy with firms though. On the one hand they’re told by the FCA that reports are […]