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  1. Point in time
    2019-10-31

FEES 7A.1 Application and Purpose

Application

FEES 7A.1.1R

1This chapter applies to the persons listed in:

  1. (1)

    FEES 1.1.2R(5) in relation to the SFGB money advice levy and SFGB debt advice levy; and

  2. (2)

    FEES 7A.1.2R in relation to the SFGB pensions guidance levy.

FEES 7A.1.2R

1The SFGB pensions guidance levy 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)

    falls within one or more of the following activity groups listed in Part 1 of FEES 4 Annex 1AR:

    1. (a)

      A.1 Deposit acceptors;

    2. (b)

      A.4 Insurers – life;

    3. (c)

      A.7 Portfolio managers except 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.

Purpose

FEES 7A.1.3G

1The purpose of this chapter is to set out the requirements on the persons listed in FEES 7A.1.1R to fund the Secretary of State costs relating to the SFGB, and the related FCA collection costs.

Background

FEES 7A.1.4G

1Under section 137SA(1) (Rules to recover expenses relating to the single financial guidance body) of the Act, the Secretary of State may, from time to time, notify the FCA of the expenses incurred, or expected to be incurred, in connection with the operation of the SFGB or under section 12 of the Financial Guidance and Claims Act 2018. Expenses arise under section 12 when the Secretary of State:

  1. (1)

    pays grants or makes loans, or gives any other form of financial assistance, to meet expenditure in connection with the establishment of the SFGB; and

  2. (2)

    pays grants or makes loans, or gives any other form of financial assistance, to the SFGB for the purpose of enabling the SFGB to carry out its functions.

FEES 7A.1.5G

1When the Secretary of State has notified the FCA under section 137SA(1) , under subsections (2) and (3) the FCA must make rules requiring authorised persons, electronic money issuers or payment service providers (or any specified class of the same) to pay specified sums, or sums calculated in a specified way to the FCA with a view to recovering:

  1. (1)

    the amount notified by the Secretary of State; and

  2. (2)

    expenses incurred by the FCA in connection with its functions under section 137SA of the Act.

FEES 7A.1.6G

1This chapter contains the rules referred to in FEES 7A.1.4G(2).

FEES 7A.1.7G

1Under section 137SA(8) of the Act, the FCA must pay to the Secretary of State the amounts that it receives pursuant to the rules in this chapter, apart from amounts covering its collection costs (which the FCA may keep).

FEES 7A.1.8G

1The total amount raised by the SFGB levy may vary from year to year depending on the amount notified to the FCA by the Secretary of State.

Exemption

FEES 7A.1.9R

1A firm is not liable to pay a SFGB levy in relation to payment services or electronic money issuance if it is the Bank of England, a government department, a local authority, a municipal bank or the National Savings Bank.