FEES 4 Annex 4 Periodic fees in relation to collective investment schemes payable for the period 1 April 2005 to 31 March 2006
Part 1 - Periodic fees payable
Scheme type |
Basic fee (£) |
Total funds/sub-funds aggregate |
Fund factor |
2005/06 fee (£) |
ICVC AUT Section 264 of the Act Section 270 of the Act |
610 |
1-2 3-6 7-15 16-50 >50 |
1 2.5 5 11 22 |
610 1,525 3,050 6,710 13,420 |
Section 272 of the Act |
2,500 |
1-2 3-6 7-15 16-50 >50 |
1 2.5 5 11 22 |
2,500 6,250 12,500 27,500 55,000 |
Fees are charged according to the number of funds or sub-funds operated by a firm as at 31 March 2005. Where more than one fund or sub-fund is operated the number of funds (not including the umbrella or parent fund) produces a 'fund factor' in accordance with the table above which is then applied to a basic fee to produce one total fee per operator. Fund factors are applied per operator rather than per scheme so that the fees relate to the number of funds rather than the number of schemes. This means that, for example, an authorised fund manager of three schemes pays the same as an operator or authorised fund manager of one scheme with three sub-funds (as only the sub-funds are counted).