Related provisions for PERG 4.6.13

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PERG 4.6.2GRP
In the FCA's view, the circumstances in which a person is giving advice on the borrower varying the terms of a regulated mortgage contract so as to vary his obligations under the contract include (but are not limited to) where the advice is about:(1) the borrower obtaining a further advance secured on the same land as the original loan; or(2) a rate switch or a product switch (that is, where the borrower does not change lender but changes the terms for repayment from, say, a variable
PERG 4.6.16GRP
In the FCA's opinion, however, such information may7 take on the nature of advice if the circumstances in which it is provided give it the force of a recommendation. For example:7(1) a person may provide information on a selected, rather than balanced7, basis that would tend to influence the decision of the borrower; and7(2) a person, as a result of going through the sales process, may discuss7 the merits of one regulated mortgage contract over another, resulting in advice to
PERG 4.6.34GRP

2Further examples of what is and is not regulated advice

This table belongs to PERG 4.6.33 G.

Example of what the firm3 says and does

3

Regulated or not?

(1) The firm says “We have a wide range of mortgages, including fixed and variable rates. Here are some leaflets which set out the main features.”

No. Leaflets that just explain the terms and conditions of a lender’s products are not advice (see PERG 4.6.15G (1)).

Even if the leaflet contains promotional material, merely handing over the leaflet does not mean that the firm is giving advice.

(2) The firm says “We have a wide range of mortgages, our best rates are two-year fixed rates, you might want to look at those.”

Yes. The firm has identified specific products that it offers and is drawing the customer’s attention7 to those products. Identifying which products have the lowest rates is not advice on its own, only facts. However, “best” involves a value judgement7, particularly when a comparison is made with other products that have different periods for which interest is fixed or that have variable interest rates.

(3) The firm says “In order to provide you with an illustration, I need to know how much you want to borrow, the term and the property value. Which product or products would you like an illustration for?”

No. The firm is collecting factual information to provide the customer with an illustration of costs.

(4) The firm says “Based on what you’ve told me I think you would be best to look at two-year fixed rates. Here is some information about our products.”

Yes. The firm has made a judgment on what type of product is best for the customer and has identified specific products of that type that it offers.

(5) The firm says “Our fixed rates start at 4.99% for two years with a £900 fee. Our variable rates start at 4.50% with a £800 fee. Depending on how much you want to borrow and your circumstances, this may affect the rate available to you.”

No. The firm is comparing two products without recommending either, nor is the firm recommending7 one over the other.

(6) A lender with just one mortgage product advises a customer to take out that mortgage. The lender makes it clear that it does not give advice about products other than its own.

Yes. The lender may argue that this is not regulated advice because it is not recommending one product over another as it only has one product itself and does not give advice about the products of other lenders. However, in the FCA's view this is still regulated advice. For advice to be regulated it must be advice on the merits of entering into a particular regulated mortgage contract (or varying one). It is possible to give advice about the merits of a product without comparing that product with another.

Note: Unless otherwise specified, the firm might be the lender or an advisory or intermediary firm.

RCB 2.3.8GRP
(1) The credit risk of an asset is the risk of loss if another party fails to perform its obligations or fails to perform them in a timely fashion.(2) Where, for example, the asset pool includes residential mortgages the relevant factors which the FCA may consider include: (a) whether the asset pool contains (or could contain) loans made to individuals who have been made bankrupt or have had court judgments made against them;(b) the extent to which the asset pool contains (or
RCB 2.3.18GRP
(1) The FCA expects the report from the accountants to address at least the following matters:(a) that the level of over collateralisation meets the limits set out in the covered bond arrangements which are designed to ensure compliance with the requirement that the asset pool is capable of covering claims attaching to the bond in Regulation 17 (requirements on issuer in relation to the asset pool) of the RCB Regulations; and(b) that appropriate due diligence procedures (which
FEES 4.4.9DRP
3To the extent that a firm4 has provided the information required by FEES 4.4.7 D to the FCA as part of its compliance with another provision of the Handbook, it is deemed to have complied with the provisions of that direction.444
MCOB 1.6.2GRP
Principle 2 requires a firm to conduct its business with due skill, care and diligence. The purpose of MCOB 1.6.3 R is to reinforce this. The FCA would expect firms to take appropriate steps to determine whether any mortgage it proposes to enter into is subject to FCA regulation and, if so, whether it is a regulated mortgage contract or a regulated credit agreement4.
MCOB 1.6.4RRP
If, notwithstanding the steps taken by a firm to comply with MCOB 1.6.3 R, it transpires that a mortgage which the firm has treated as unregulated or as a regulated credit agreement4 is in fact a regulated mortgage contract, the firm must as soon as practicable after the correct status of the mortgage has been established:(1) contact the customer and provide him with the following information in a durable medium:(a) a statement that the mortgage contract is a regulated mortgage
MCOB 1.6.5GRP
(1) MCOB 1.6.4 R(2) means, for example, that if a firm discovered immediately after completion that a loan was a regulated mortgage contract, the firm would be required to comply with MCOB 7.4 (Disclosure at the start of the contract).(2) Although MCOB 1.6.4 R recognises that firms may become aware that a mortgage is a regulated mortgage contract at a late stage, the FCA expects this to be an extremely rare occurrence. It could arise, for example, if a firm has acted on the understanding,
MCOB 7.6.16RRP
(1) (In the case of a business illustration), MCOB 5.6.16 R is replaced with the following: "Section 1: 'About this illustration' Under the section heading 'About this illustration', the following text must be included:'We are required by the Financial Conduct Authority (FCA) - the independent watchdog that regulates financial services - to provide you with this illustration.' "(2) (In the case of any other illustration8 ), MCOB 5.6.16 R is replaced with the following; "Section
SUP 16.8.4RRP
1In this section, and in SUP 16 Annex 6R:9(1) '12 month report' means the part of a persistency report or data report reporting on life policies or stakeholder pensions effected in Y-2, '24 month report' means the part of a persistency report or data report reporting on life policies or stakeholder pensions effected in Y-3, and so on;(2) 'CC' means the number of life policies or stakeholder pensions which: (a) were effected during the period to which the calculation relates; and(b)
FEES 3.2.7RRP

Table of application, notification, vetting and other fees payable to the FCA32

31

Part 1A: Application, notification and vetting fees66

31

31(1) Fee payer

(2) Fee payable (£)37 by reference to the pricing category in FEES 3 Annex 1AR.66

Due date

(a) Any applicant for Part 4A permission (including an incoming firm applying for top-up permission) whose fee is not payable pursuant to sub- paragraph (zza)52 of this table

26

(1) Unless (2) or (3)66 applies, in1 respect of a particular application, the highest of the tariffs set out in FEES 3 Annex 1AR66 which apply to that application.

66(2) 50% of the tariff payable under (1) is payable when either (a) or (b) apply:

66(a) the application is one referred to in paragraph p; or

66(b) the application is a limited permission case under FEES 3 Annex 1.

(3) If the applicant applies for registration under article 8(1) of the MCD Order at the same time as applying for a Part 4A permission66, the fee payable is the higher of: 80

(i) the fee 66payable in (1) or (2); and 80

(ii) the fee payable in FEES 3 Annex 10AR. 80

(4) [deleted]66

1418013434343434343441

On or before the application is made

(aa) A person who makes an application under section 24A of the Consumer Credit Act 1974 which meets the conditions of article 31 (Applications for a standard licence where no determination made before 1 April 2014) of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No 2) Order 2013 (the “relevant application”)30

As (a) above less any amount paid to the Office of Fair Trading in relation to the relevant application.

Within 30 days of the date of the invoice.

(b) [deleted]56

4

(c) [deleted]66

(d) [deleted]66

27
2727

(da) Persons making an application or notification in relation to applications set out in FEES 3 Annex 2R:

66(i) an application for an order declaring a scheme to be recognised under section 271A or section 272 of the Act72;

66(ii)

application for the authorisation of an AIF as an LTIF;

68

66(v) an AIFM notifying the FCA of its intention to market an AIF in the UK under regulation 58 or 59 of the AIFMD UK regulation; and68

66(vi) an applicant for registration on the register of small registered UK AIFM.

58366666

Category applicable to the application or notification set out in FEES 3 Annex 2R66

36

On or before the date the application or notification66 is made

36

(e) Any applicant making an application set out in FEES 3 Annex 14R - Other FCA application fees:66

66(i) Any person seeking an order under section 326(1) of the Act to become a designated professional body;

66(ii) applicant to be added to the list of designated investment exchanges;

66(iii) any applicant for recognition as an accredited body;

66(iv) any applicant for registration under regulation 14 of the Risk Transformation Regulations as a protected cell company;

66(v) an application for recognition of an administrator in accordance with article 32 of the benchmarks regulation;

66(vi) an application for endorsement of a benchmark or family of benchmarks in accordance with article 33 of the benchmarks regulation;

66(vii) an application for authorisation under regulation 7 of the DRS Regulations, or the operator of a trading venue seeking verification of their compliance with Title V of MiFID under regulation 8 of the DRS Regulations;

66(viii) an application for variation of an authorisation under regulation 12 of the DRS Regulations;

66(ix) an application for connection to the market data processor system to provide reports directly to the FCA under MiFIR;

66(x) an application to connect to the market data processor system to provide markets data (other than transaction reports) under MAR 10;

66(xi) an application for authorisation as a third party verifier;

(xii) an application for, to vary or cancel an approver permission70.

272727

Pricing category applicable to the application set out in FEES 3 Annex 14R66

2727

As specified in FEES 3 Annex 14R66

28

28(ea) [deleted]66

5656

(eb) [deleted]66

28

(f) Persons making an application referred to in FEES 3 Annex 15R – Transaction fees:66

66(i) any applicant for a certificate under article 54 of the Regulated Activities Order;

66(ii) a transferor in the case of an insurance business transfer scheme;

66(iii) an issuer applying for registration of a regulated covered bond;

66(iv) an issuer who proposes to make a material change to the contractual terms of a regulated covered bond under RCB 3.5.4D;

66(v) an applicant for FCA permission for:

66i. an agreement to be enforced under section 28A(3)(a) of the Act; or

66ii. money paid or property transferred under the agreement to be retained under section 28A(3)(b) of the Act.

(vi) 67Applications in respect of controlled functions under the Senior Managers and Certification Regime (SMCR), including applications by principal firms in respect of SMCR functions in appointed representatives.

Pricing category applicable to the application or notification set out in FEES 3 Annex 15R.66

As specified in FEES 3 Annex 15R66

(g) Any applicant for recognition as a UK recognised body:62

(i) under section 287 of the Act; or62

(ii) under regulation 2(1) of the RAP regulations6256

17781717

FEES 3 Annex 3, part 1

On or before the date the application is made26

(ga) [deleted]52

26353535

(h) Any applicant for recognition as an ROIE78 under section 287 or section 292 of the Act

7878

FEES 3 Annex 3, part 2

On or before the date the application is made

(i) [deleted]35

35
35 35

(j) [deleted]38

38

38

(k) [deleted]35

35
35 35

(l) [deleted]38

38

72

38

(m) [deleted]38

38

72

38

(n) [deleted]66

(o) [deleted]65

112229529782929556782929295557829295782929297829295

[deleted]65

5255512515555157857855256

[deleted]65

278292978292978229

(oa) [deleted]65

2937373737585637373737583737

[deleted]65

37

[deleted]65

37373737

(p) A firm applying for a variation of its Part 4A permission, as referred to in FEES 3 Annex 16R66, whose fee is not payable pursuant to sub- paragraphs 64(zza)52 or (zzh) 64 of this table

26

(1) As specified in FEES 3 Annex 1R-FEES 3 Annex 14R66

(2) Subject to (3) below, if the new business of the firm would fall within more than one pricing category in FEES 3 Annex 1AR, the fee payable is that in the highest pricing category applicable to the application.66

(2A) [deleted]66

(3) [deleted]66

(3A) [deleted]66

(3B) [deleted]66

(3C) If the applicant applies for registration under article 8(1) of the MCD Order at the same time as it applies for a variation of its Part 4A permission, the fee payable is the highest of:66

66(i) the fees set out in FEES 3 Annex 10AR;

(ii) the amount payable in accordance with FEES 3 Annex 16R;

(3D) [deleted]66

(4) [deleted]66

[deleted]66

3080444130808011178783778378080371137373030233737373730373737303711113737303730804111781444444

On or before the date the application is made

30(pa) A person who makes an application under section 30(1) of the Consumer Credit Act 1974 which meets the conditions of article 33 (Variations at request of licensee where no determination made before 1 April 2014) of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No 2) Order 2013 (the “relevant variation application”)

As (a) or 31(p) above, less any amount paid to the Office of Fair Trading in relation to the relevant variation application.

Within 30 days of the date of the invoice.

2(q) [deleted]38

77137913797722227

38

38

333

2(r) [deleted]46

66 566

(s) [deleted]66

5
7777375937597777377737 37

6(t) [deleted]46

20

(u) [deleted]34

34
34 34

(v) [deleted]38

2222

38

38

[deleted]35

35
35 35

(x)[deleted]38

38

388

(y) A person who makes an application or notification to the FCA under the Payment Services Regulations, including an application for variation of authorisation or registration.66

8

The fee payable is that in the highest pricing category applicable to the application or notification as set out in FEES 3 Annex 8R66.

47

On or before the date the application is made.

(ya) [deleted]66

47
47 47

(z) [deleted]66

47

(za) [deleted]66

47

(zb) [deleted]66

47
5050475050475047474747475050

(zc) [deleted]66

47
474747474747

(zd)

47
47

[deleted]47

(ze) Any person to which the Special Project Fee for restructuring applies under FEES 3 Annex 9.12

12

Special Project Fee for restructuring in accordance with FEES 3 Annex 9 .

30 days of the date of the invoice.9

(zf) [deleted]78

78
78 91678

(zg) A person who makes an application or notification to the FCA under the Electronic Money Regulations, including an application for variation of authorisation or registration66.

16

The fee payable is that in the highest pricing category applicable to the application or notification as set out in FEES 3 Annex 10R.66

On or before the date the application is made.

(zh) [deleted]66

16

(zi) [deleted]66

1614

(zj) [deleted]66

16
5050

(zk) [deleted]66

16

(zl) [deleted]66

15
18

(zm) [deleted]66

18
4141

(zn) [deleted]66

18
4141 21

21(zo) In the case of persons in respect of which the FCA has given notice of its intention to take, or appoint a competent person to take, any steps under CONRED 2.5.12R or 4.5.1R69, either:

(i) a Firm (as defined in CONRED 2.1.1R(1)) or 4.1.3R69; or

(ii) a person falling within CONRED 2.1.2R(1) or 4.1.5R69.

An amount equal to:

(1) a sum determined by the number of hours, or part of an hour, taken by the FCA in relation to work conducted in taking steps under CONRED 2.5.12R or 4.5.1R69 recorded on the FCA's systems, multiplied by the rate in FEES 3 Annex 9 (11)R; or

(2) any amount invoiced to the FCA by a competent person in relation to any work carried out by that competent person in connection with its appointment by the FCA under CONRED 2.5.12R or 4.5.1R69.

Within 30 days of the date of the invoice.

78(zp) A person in respect of which the FCA37 has given notice of its intention to itself appoint a skilled person to provide it with a report pursuant to section 166(3)(b) of the Act and SUP 5.2.

37

Any amount invoiced to the FCA37 by a skilled person in relation to any work carried out by that skilled person in connection with its appointment by the FCA37 pursuant to section 166(3)(b) of the Act.

37

Within 30 days of the date of the invoice.

78(zq) A person in respect of which the FCA37 has given notice of its intention to itself appoint a skilled person to collect or update information pursuant to section 166A(2)(b) of the Act .

37

Any amount invoiced to the FCA37 by a skilled person in relation to any work carried out by that skilled person in connection with its appointment by the FCA 37 pursuant to section 166A(2)(b) of the Act.

3737

Within 30 days of the date of the invoice.33

33(zr) [deleted]38

38

38

(zs) [deleted]66

3031
31303131

(zt) An applicant for registration in the Financial Services Register under article 8(1) of the MCD Order. 80

Unless (1), or (2) applies, the fee as set out in FEES 3 Annex 10A. 80

(1) If the applicant is applying for a Part 4A permission at the same time as it applies for registration under article 8(1) of the MCD Order, the fee payable in row (a), column (2) paragraph (3) of this Table. 80

(2) If the applicant is applying for a variation of a Part 4A permission at the same time as it applies for registration under article 8(1) of the MCD Order, the fee payable in row (p), column 2 paragraph (3)(c) of this Table. 80

On or before the application is made.80

(zu)40 Any person to which the Designated Credit Reference Agencies and Finance Platform42 Fee applies under FEES 3 Annex 10B.

39

Designated Credit Reference Agencies and Finance Platform42 Fee in accordance with FEES 3 Annex 10B.

Within 30 days of the date of the invoice.

43(zv) Any firm that meets the test in FEES 3 Annex 10C(1)R(1) (PPI campaign fees).

The amount set out in FEES 3 Annex 10C(1) R(2).

Within 30 days of the date of the invoice.

(zw) [deleted]66

4563634963

(zx) [deleted]66

46
63

(zy) [deleted]66

464956

56

63

(zz) [deleted]66

51

52(zza) An application for authorisation as a regulated benchmark administrator.

The highest of the applicable tariffs set out in FEES 3 Annex 1AR.66

Where an applicant intends to administer benchmarks falling into different complexity groupings, it will pay one fee only, for the highest category applied for. If, once authorised, a regulated benchmark administrator notifies the FCA of its intention to administer other/additional benchmarks no further application fee is payable (even if the other/additional benchmark falls into a higher complexity category).

On the date the application is made.

(zzb) [deleted]66

52

(zzc) [deleted]66

52

54(zzd) applications for claims management companies

The fee applicable to the application as set out in paragraph CMC of Part 2 of FEES 3 Annex 1R.66

Firms which already have Part 4A permissions and are applying to vary their permissions will pay 50% of66 the relevant fee.

On the date the application is made.

(zze) [deleted]66

55

61(zzf) UK-based applicants for registration as a trade repository; a securitisation repository, or a third country applicant seeking recognition as a trade repository.

5,000

Applicants for registration as a trade repository who already hold registration as a securitisation repository, or vice versa, will receive a 50% discount on the relevant application fee.

Applicants for registration as a trade repository to carry on activity for the purposes of UK SFTR who already hold registration as a trade repository under EMIR or vice versa, will receive a 50% discount on the relevant application fee.

On the date the application is made.

61(zzg) UK-based applicants for registration as a credit rating agency or a third country applicant seeking certification as a credit rating agency.

The fee set out in FEES 3 Annex 13R.

On the date the application is made.

64(zzh) Permission for

(1) carrying on funeral plan distribution;

(2) carrying out a funeral plan contract as provider; or

(3) carrying out a funeral plan contract as provider and entering as provider into a funeral plan contract.

(1) The highest of the tariffs set out in FEES 3 Annex 1R part 3A which apply to that application, subject to (2) and (3) below.

(2) Unless (3) below applies, where an applicant was carrying out any of the activities referred to in (zzh)(1)-(3) on 1 September 2021, and makes an application for permission for any of those activities after 1 November 2021, the application fees shall be:

(a) £3,500 for (zzh)(1) or zzh(2);

(b) £14,000 for (zzh)(3).

(3) If an applicant which already has any of the permissions referred to in (zzh) applies to vary its permission, the application fees shall be:

(a) £500 for (zzh)(1);

(b) £1,250 for (zzh)(2); and

(c) £5,000 for (zzh)(3).

On or before the application is made.

32Part 2: Primary market fees73

38

(1) Fee payer

(2) Fee payable

(3) Due date

(a)

(i) An issuer which has not made public its annual financial report before the latest time specified in DTR 4.1.3 R.

(ii) An issuer which has not made public its half-yearly financial report before the latest time specified in DTR 4.2.2 R (2).

FEES 3 Annex 12R38

Within 30 days of the date of the invoice.

38(b) An applicant for approval as a sponsor.

FEES 3 Annex 12R

On or before the date the application is made.

38(c) For the purposes of48 the listing rules:48

(i)48 an issuer requesting approval of a document arising in relation to a specific event or transaction, which is not a significant transaction or a super transaction; or48

48(ii) an issuer or person applying for eligibility for listing of its securities.

FEES 3 Annex 12R

On or before the date that relevant document is first submitted to the FCA.

38(d) Under the Prospectus Rules or the Prospectus Regulation60, an issuer or a person requesting approval or review of a document arising in relation to a specific event or transaction, which is not a significant transaction or a super transaction.

FEES 3 Annex 12R

On or before the date that relevant document is first submitted to the FCA.

38(e) An issuer requesting the approval or review of a document in connection with a super transaction.

FEES 3 Annex 12R

On or before the date that relevant document is first submitted to the FCA.

38(f) An issuer requesting the approval or review of a document in connection with a significant transaction.

FEES 3 Annex 12R

On or before the date that relevant document is first submitted to the FCA.

38(g) A person who requests the FCA’s approval of a document that includes a mineral expert’s report and who is a fee payer under one or more of the categories (c), (d), (e), and (f) above must additionally pay a fee under this category.

FEES 3 Annex 12R

On or before the date that relevant document is first submitted to the FCA.

38(h) An applicant for approval as a primary information provider.

FEES 3 Annex 12R

On or before the date the application is made.

[Note:Guidance on how a firm liable to pay a fee under both rows (s) and (ze) of this table for the same transaction should expect to be treated is set out in FEES 3 Annex 11 G.]19

FEES 6.7.6RRP
If a firm ceases to be a participant firm or carry out activities within one or more classes54 part way through a financial year6 of the compensation scheme:44(1) it will remain liable for any unpaid levies which the FSCS has already made on the firm; and41(2) the FSCS may make one or more levies4 upon it (which may be before or after the firm5 has ceased to be a participant firm or carry out activities within one or more classes5,4 but must be before it ceases to be an authorised