The FCA is funded entirely by the organisations it regulates. The FCA levies two types of fees:
- Application fees – payable when a firm seeks authorisation; and
- Annual (periodic) fees – payable each year.
Fees are also sought when a firm seeks to change its authorised permissions. Firms are invoiced annually unless they are above a certain size.
Unpaid fees become a debt to the FCA and may incur late payment and administration charges. The regulator may also take regulatory action in relation to non-payment of fees. The action (if any is to be taken) will be decided in light of the circumstances relating to the case.
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