FSA Unveils Final Fee And Levy Details

by Robin Pilgrim, LawAndTax-News.com, London

01 June 2006

The UK's Financial Services Authority (FSA) on Wednesday published the final FSA fees and Financial Ombudsman Service (FOS) levies for regulated firms in 2006/07.

The FSA has finalised the 2006/07 fee rates at the same levels (within 1%) as those that were consulted on in February 2006. These exclude the distribution of enforcement fines, which will have the effect of reducing fees in some fee blocks.

The FSA will also update its Online Fee Calculator from 1 June 2006, allowing firms to calculate their fees and levies using the final 2006/07 rates, prior to the receipt of their invoices from June onwards.

Graeme Ashley-Fenn, Director of Contact, Revenue and Information Management Division at the FSA, explained that:

"Regulatory fees are essential for the FSA to undertake its statutory obligations and promote efficient, orderly and fair markets. We are pleased to note that there are no substantial changes between the final fee rates we have published and those proposed in the consultation."

"We are committed to making it easier for firms to do business with us and we have introduced the Online Fee Calculator to enable firms to plan their finances ahead of receiving their invoices. We have again facilitated, through the industry working group, a payment by instalments plan for firms for the second consecutive year."

The FSA is also planning a further fees consultation in the quarterly Consultation Paper due for publication in July.

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