Financial Conduct Authority
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FSA publishes final regulatory fees and levies for 2008/09
The Financial Services Authority (FSA) has published the final FSA fee rates and Financial Ombudsman Services (FOS) levies for 2008/09.
The FSA has finalised fee rates for 2008/09 that, for most firms, are the same level as those consulted on in February 2008. However, in three fee-blocks actual fee rates will be lower than those proposed: fund managers (A7); operators, trustees and depositaries of collective investment schemes (A9); and firms dealing as principal (A10).
Martin Walton, the FSA’s finance director, said:
"We are pleased that firms’ fee rates are either the same as or lower than those proposed in the consultation. However, we recognise that our planned expenditure for 2008/09 will be higher than in the previous year – this reflects the programme of activity set out in our Business Plan.
"We are committed to making it easier for firms to do business with us, and firms will be able to use our on-line Fee Calculator to get an indication of the fees they will actually pay."
The FSA has also confirmed a number of policy changes that were proposed in its October 2007 consultation paper.
Further information on fees is available on the FSA website.
Notes to editors
- Consultation Paper CP07/19, proposing a number of fees and levies policy changes, was published in October 2007, and Consultation Paper CP08/2, setting out the regulatory fee and levy proposals for 2008/09, was published on 6 February 2008.
- Policy Statement PS08/05 contains the final Financial Service Authority (FSA) fees and Financial Ombudsman Service (FOS) levies for 2008/09, confirms changes to fees and levies policy for the year ahead and provides an overview of the FSA’s fee-raising arrangements. Firms are encouraged to read this in conjunction with the Fees Manual in the FSA Handbook.
- The Financial Services Compensation Scheme (FSCS) management expenses levy for 2008/09 was finalised in March 2008; see Handbook Notice 75.
- Firms can access the Fee Calculator on the FSA website.
- The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection for consumers; and fighting financial crime.
- The FSA aims to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal and improve its business capability and effectiveness.