As will be known, FSA Fees are governed by which FSA Fee-Block(s) a firm falls under, e.g. Fund managers are A007 and ‘Advisory only firms and advisory, arrangers, dealers, or brokers (NOT holding client money or assets, or both)’ are A013.
Fees are calculated on a FuM basis for A007 although on a CF30 headcount basis for A013. To avoid double charging the latter should be based upon the number of persons approved to perform the CF30 function but excluding those persons solely acting in the capacity of an investment manager.
Early in the new year firms falling into such Fee-Blocks should be receiving a form from the FSA for completion which will help the FSA to calculate the fee correctly.
As mentioned in previous Regulatory Roundups, e.g. 15, the FSA provides a Fees Calculator facility on its website which firms can use to ensure that the correct fee is being demanded by the FSA.
Incidentally the FSA has published clarification on the figure to be used when those in Fee-Block A007 enter the FuM data – see Chapter 5 of CP10/24 ‘Regulatory fees and levies’.
