PROF 6.1 Introduction

Application

PROF 6.1.1 R 17/01/2002

This chapter applies as follows:

(1)
PROF 6.1 and PROF 6.2 apply to every designated professional body; and
(2)
PROF 6.3 applies to every person seeking to become a designated professional body.

Purpose

PROF 6.1.2 G 17/01/2002

The purpose of this chapter is to set out the requirements on designated professional bodies to pay fees which (with other fee requirements in the Handbook) provide the funding for the FSA's functions.

Background

PROF 6.1.3 G 17/01/2002

Most of the detail of the fees payable by designated professional bodies is set out in the tables in PROF 6 Annex 1 RR. The provisions of the Annex will vary from one financial year to another. Accordingly a new annex will come into force, following consultation, for each financial year.

PROF 6.1.4 G 17/01/2002

Fees are set for designated professional bodies on an individual basis. The fee applicable to a designated professional body reflects an estimate of its proportion of the population of exempt professional firms conducting financial services business.

PROF 6.1.5 G 17/01/2002

GEN 3 (FSA Fees: General Provisions) applies to fees required by this chapter and explains how the FSA sets its fees.

PROF 6.2 Obligation to pay periodic fees

General

PROF 6.2.1 R 17/01/2002

A designated professional body must pay to the FSA, in full and without deduction, each periodic fee (or instalment) applicable to it under PROF 6 Annex 1 R for a period during which or part of which the designated professional body is designated.

Amount

PROF 6.2.2 R 17/01/2002

The amount of the periodic fee (or an instalment) referred to in PROF 6.2.1 R for a designated professional body is specified in PROF 6 Annex 1 R for the relevant year against the name or description of that body.

Due date

PROF 6.2.3 R 17/01/2002

The designated professional body must pay a periodic fee (or any instalment) on or before the due date for payment specified in PROF 6 Annex 1 R for the relevant year against the name or description of that body.

Payment methods

PROF 6.2.4 G 17/01/2002

The FSA does not specify a method of payment for designated professional bodies. However the FSA expects that a designated professional body will generally pay its fee by electronic credit transfer.

PROF 6.3 Persons seeking to become designated professional bodies

PROF 6.3.1 R 01/04/2004

Any person who requests the Treasury to make an order under section 326(1) of the Act (Designation of professional bodies) must pay to the FSA the sum specified in PROF 6 Annex 2 R 30 days after the order is granted.

1 2

PROF 6 Annex 1 Periodic fees payable for the period from 1 April 2004 to 31 March 2005

R 01/12/2001

Name of Designated Professional Body	Amount payable	Due date
The Law Society	£47,285	30 April 2004
The Law Society	£56,115	1 September 2004
The Law Society of Scotland	£15,900	1 July 2004
The Law Society of Northern Ireland	£17,950	1 July 2004
The Institute of Actuaries	£10,300	1 July 2004
The Institute of Chartered Accountants in England and Wales	£31,305	30 April 2004
The Institute of Chartered Accountants in England and Wales	£36,695	1 September 2004
The Institute of Chartered Accountants of Scotland	£15,250	1 July 2004
The Institute of Chartered Accountants in Ireland	£13,100	1 July 2004
The Association of Chartered Certified Accountants	£20,100	1 July 20043 2 5 4 1 6

PROF 6 Annex 2 Fees payable for an order under section 326(1) of the Financial Services and Markets Act 2000

PROF 6 Annex 2.1 R 01/12/2001

Nature and purpose of fee	Amount payable	Due date
Any person seeking an order under section 326(1) of the Act (Designation of professional bodies)	£5,0001	30 days after the order is granted

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