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  2. Point in time
    2005-03-01

PROF 6.1 Introduction

Application

PROF 6.1.1 R

This chapter applies as follows:

  1. (1)

    PROF 6.1 and PROF 6.2 apply to every designated professional body; and

  2. (2)

    PROF 6.3 applies to every person seeking to become a designated professional body.

Purpose

PROF 6.1.2 G

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

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

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

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

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

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

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

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

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

Name of Designated Professional Body

Amount payable

Due date

The Law Society

£47,285

30 April 2004

£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

£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 2004325416

Notes7

(1) The FSA register will include details of exempt professional firms carrying out insurance mediation activity.7

(2) In addition to the periodic fees shown above, the sum of £50,000 will be due from the designated professional bodies, divided between the bodies in proportion to the number of exempt professional firms each has on the FSA register on 14 January 2005. This is a contribution towards the costs of developing this part of the FSA register.7

(3) Each of the designated professional bodies will be invoiced for the appropriate amount in January 2005. The invoices must be paid on or before 28 February 2005.7

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

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