FEES 3 Annex 11 4Guidance on fees due under FEES 3 Annex 1R, FEES 3 Annex 3R, FEES 3 Annex 8R, FEES 3 Annex 10R, FEES 3.2.7R(p), FEES 3.2.7R(s) and FEES 3.2.7R(ze)

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3Part 1 This Part applies to the following:

(1)

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  1. (a) FCA-authorised persons, PRA-authorised persons and persons seeking to become FCA-authorised persons or PRA-authorised persons that pay application fees under FEES 3 Annex 1R, FEES 3 Annex 3R, FEES 3 Annex 8R and FEES 3 Annex 10R; or

  2. (b) a firm seeking a variation of its Part 4A permission which pays an application fee under FEES 3.2.7R(p).

(2) The following table sets out guidance on how a person liable to pay both a fee mentioned in (1) above and also in FEES 3.2.7R(ze) for the same transaction, should expect to be treated.

(A)

The person is liable to pay the fees referred to in (1). However, it may also be liable to pay the Special Project Fee for restructuring set out in FEES 3.2.7R(ze), calculated in accordance with FEES 3 Annex 9. It is possible then for a person to have to pay two types of fees in respect of the same application.

(B)

Where the situation described in (A) arises, the FCA will consider whether to reduce or remit a fee under FEES 2.3 (Relieving Provisions).

3Part 2 The following table sets out guidance on how a firm is liable to pay a fee under both FEES 3.2.7R(s) and FEES 3.2.7R(ze) for the same transaction should expect to be treated.

  1. (1) The transferor in insurance business transfer schemes is liable to pay the fee set out in FEES 3.2.7R(s). However, it may also be liable to pay the Special Project Fee for restructuring set out in FEES 3.2.7R(ze), calculated in accordance with FEES 3 Annex 9. It is possible then for a firm to have to pay two types of fees in respect of the same insurance business transfer scheme.

  2. (2) Where the situation described in (1) arises, the FCA will consider whether to reduce or remit a fee under FEES 2.3 (Relieving Provisions).