FEES 3 Annex 10B Designated Credit Reference Agencies and Finance Platforms Fee 1

(1)

R

The Designated Credit Reference Agencies and Finance Platform Fee1 (the “DCRFP1”) is only payable by a designated credit reference agency or a designated finance platform1.

(2)

R

The DCRFP 1becomes payable by a person falling into (1) if the FCA conducts regulatory work connected to:

(a)

breaches or potential breaches by that person of requirements under the Small and Medium Sized Business (Credit Information) Regulations or the Small and Medium Sized Business (Finance Platform) Regulations1.

(b)

whether the person has or may have committed an offence of misleading the FCA under regulation 34 of the Small and Medium Sized Business (Credit Information) Regulations or regulation 31 of the Small and Medium Sized Business (Finance Platforms) Regulations1.

(3)

R

A person falling into (1) is not required to pay the DCRFP 1if the amount calculated in accordance with (4) for the FCA’s regulatory work described at (2)(a) and/or (b) is less than £10,000.

(4)

R

The DCRFP 1is calculated as follows:

(a)

Determine the number of hours, or partial hours, taken by the FCA in performing the regulatory work described at (2)(a) and/or (b).

(b)

Use the table at FEES 3 Annex 9(11)R to determine the relevant pay grades of those employed by the FCA to perform the regulatory work described at (2)(a) and/or (b).

(c)

Next, multiply the applicable pay grade rate in the table at FEES 3 Annex 9(11)R by the number of hours or part hours obtained under (a).

(d)

Then add any fees and disbursements invoiced to the FCA by any person in respect of services performed by that person for the FCA in relation to assisting it in performing the regulatory work referred to in 2(a) and/or (b).

(e)

The resulting figure is the DCRFP1.

The number of hours or partial hours referred to in (4)(a) are the number of hours or partial hours as recorded on the FCA’s systems in relation to the regulatory work referred to in (2)(a) and/or (b).

(5)

G

The hourly rates chargeable for the FCA pay grades are set out in the table at FEES 3 Annex 9(11)R Special Project Fee for Restructuring.

(6)

G

(a)

The obligation to pay the DCRFP 1is ongoing. There is therefore no limit on the number of times that the FCA may invoice a person falling into (1) for the DCRFP 1for the same regulatory work described at (2)(a) and/or (b).

(b)

If the FCA issues more than one invoice, there is a single floor under (3) and not a separate one for each instalment.

(7)

G

If the DCRFP 1is payable, the full amount calculated under (4) is payable; not just the excess over £10,000.

(8)

G

The FCA shall provide any person falling into (1) with written notice that it is performing regulatory work described at 2(a) and/or (b) which is likely to exceed £10,000 calculated in accordance with (4) as soon as is reasonably practicable.