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  2. Point in time
    2019-03-19

FEES 10.1 1Application, purpose and background

Application

FEES 10.1.1RRP

This chapter applies to a firm that:

  1. (1)
    1. (a)

      has a Part 4A Permission; or

    2. (b)

      is an incoming EEA firm with a branch in the United Kingdom; or

    3. (c)

      is an incoming Treaty firm with a branch in the United Kingdom; and

  2. (2)

    is in one of the following activity groups listed in Part 1 of FEES 4 Annex 1A:

    1. (a)

      A.1 Deposit acceptors;

    2. (b)

      A.4 Insurers — life;

    3. (c)

      A.7 Portfolio managers excluding Class (1)A firms;

    4. (d)

      A.9 Managers and depositaries of investment funds, and operators of collective investment schemes or pension schemes; and

    5. (e)

      A.13 Advisors, arrangers, dealers or brokers.

Where rules from other FEES chapters are incorporated into this chapter, those rules are the rules in effect on 1 April 2015.

Purpose

FEES 10.1.2GRP

This chapter sets out rules governing the amounts payable by firms to the FCA to fund the Secretary of State for Work and Pensions’2 pensions guidance costs and the related FCA collection costs.

Background

FEES 10.1.3GRP

The Secretary of State’s2 pensions guidance costs are defined in subsection 10 of section 333R (Funding of the Secretary of State’s2 pensions guidance costs) of the Act as the expenses incurred, or expected to be incurred, by the Secretary of State2:

  1. (1)

    in giving pensions guidance or arranging for it to be given by designated guidance providers;

  2. (2)

    in meeting the expenses of designated guidance providers incurred in connection with the giving of the guidance (whether by means of the power conferred by section 333D (Financial assistance to bodies involved in giving pensions guidance) of the Act or otherwise);

  3. (3)

    in providing services to designated guidance providers to support them in giving the guidance;

  4. (4)

    in increasing awareness of the availability of the guidance;

  5. (5)

    in undertaking or commissioning research relating to the availability of the guidance; and

  6. (6)

    otherwise in connection with the carrying out of the Secretary of State’s2 functions under section 333B (the Secretary of State’s2 role in relation to pensions guidance).

FEES 10.1.4GRP
  1. (1)

    Section 333R(1) of the Act requires the Secretary of State2 to notify the FCA of the amount of the Secretary of State’s2 pensions guidance costs.

  2. (2)

    Section 333R(2) requires the FCA to make rules requiring authorised persons to pay amounts, or amounts calculated in a specified way, to the FCA with a view to recovering the amounts notified by the Secretary of State2.

  3. (3)

    Under subsection 3 such amounts may include a component to cover the expenses of the FCA in collecting the payments.

FEES 10.1.5G

This chapter contains the rules referred to in FEES 10.1.4 G.

FEES 10.1.6GRP

Under section 333R(8) of the Act, the FCA must pay to the Secretary of State2 the amounts that it receives under these rules, apart from amounts covering its collection costs (which it may keep).

FEES 10.1.7GRP

The total amount raised by the pensions guidance levy may vary from year to year depending on the amount notified to the FCA by the Secretary of State2.

FEES 10.1.8GRP

These rules were made with the consent of the Secretary of State2 pursuant to section 333R(5) of the Act.