FEES 4A Annex 4 Special Project Fee for contractual run-off firms
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(1) |
The Special Project Fee for contractual run-off firms (the SPFCRO) is only payable by a CRO firm. |
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(2) |
The SPFCRO is payable to recover the cost of the activities the FCA undertakes to carry out its functions under regulation 47 of the EU Exit Passport Regulations. |
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(3) |
The FCA will levy its own SPFCRO separate to any levy issued by the PRA, and this may be in relation to the same event or circumstance. |
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(4) |
No SPFCRO is payable to the FCA if the amount calculated in accordance with (5) in relation to the activities carried out by the FCA totals less than £5,000. |
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(5) |
The SPFCRO for the FCA is calculated as follows: |
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(a) |
Determine the number of hours, or part of an hour, taken by the FCA in relation to the activities undertaken as a consequence of carrying out its functions referred to in (2). |
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(b) |
Next, multiply the applicable rate in the table at (7) by the number of hours or part hours obtained under (a). |
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(c) |
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 the FCA in performing the activities referred to in (a). |
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(d) |
The resulting figure is the fee. |
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(e) |
The number of hours or part hours referred to in (a) are the number of hours or part hours as recorded on the FCA’s systems in relation to the activities referred to in (a). |
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(6) |
The first column in the table at (7) sets out the relevant pay grades of those employed by the FCA and the second column sets out the hourly rates chargeable in respect of those pay grades. |
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(7) |
Table of FCA hourly rates: |
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FCA pay grade |
Hourly rate (£) |
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Administrator |
45 |
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Associate |
75 |
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Technical Specialist |
130 |
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Manager |
145 |
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Any other person employed by the FCA |
255 |
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(8) |
The obligation to pay the SPFCRO is ongoing. Accordingly, there is no limitation on the number of times that the FCA may invoice a CRO firm for the SPFCRO in relation to the same activities or circumstances referred to in (2). If the FCA does so, there is a single floor under (4) and not a separate one for each instalment. |
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(9) |
If the SPFCRO is payable, the full amount calculated under (5) is payable, and not just the excess over £5,000. |
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