The following application fees apply to each of the following Supervisory Acts and must accompany the application (if submitting an application which covers more than one Supervisory Act, the highest fee under each Act must be paid otherwise you must pay for the highest fee applicable under the Act that you are seeking authorisation).
The table also shows the minimum capital for applicant firms which must also be met on a continual basis throughout the firm's authorisation. The FSC may require that a firm holds higher amounts of capital than the stipulated minimum.
| Class | Description | Application Fee | Minimum Regulatory Capital | |
|---|---|---|---|---|
| I | Investment Dealer | Dealing in non-MiFI investments | £3,750(1)(2) | £10,000 |
| II(a) | Investment Broker | Arranging deals in non-MiFI investments | £3,750(1)(2) | £10,000 |
| II(b) | Collective Investment Scheme Intermediary | Arranging deals in non-MiFI investments in respect of collective investment schemes | £3,750(2) | £10,000 |
| III | Investment Manager | Managing non-MiFI investments | £3,750(2) | £10,000 |
| IV | Investment Adviser | Providing investment advice in respect of non-MiFI investments | £3,750(2) | £10,000 |
| VI(a) | General Insurance Intermediary | Carrying out Insurance or Reinsurance Mediation in respect of general insurance products | £3,750(2) | €15,000 or 4% of commission & fee income received (whichever is greater) |
| VI(b) | Life Assurance Intermediary | Carrying out Insurance or Reinsurance Mediation in respect of life-assurance based products | £3,750(2) | €15,000 or 4% of commission & fee income received (whichever is greater) |
| VII | Professional Trustee | Acting as trustee or soliciting such business | £2,000(2) | £50,000 |
| VIII | Company Manager | Provision of management and/or administrative services for companies | £2,000(2)(3) | £10,000 |
| IX | Insurance Manager | Exercising management or advisory functions in relation to one or more insurer or reinsurer | £6,000 | |
| X | Stock Exchange | Establishing and conducting the business of an investment exchange | £40,000 | 4 years expenses |
| XI | Clearing House | Establishing and conducting the business of a clearing house | £40,000 | 4 years expenses |
| XII | Bureaux de Change | Providing money service business activities of bureaux de change | £1,750(4) | |
| XIII | Money Transmitters | Providing money service business activities of money transmitter | £2,375(4) |
Note 1 : In relation to non-MiFi activities only. See below for fees applicable to MiFi firms.
Note 2 : An additional £1,250 is payable for any additional licence class sought.
Note 3: The application fee shall be reduced to £288 in the case of a company manager whose services, as a nominee company, comprise solely the provision of nominee shareholders.
Note 4 : If the applicant seeks both a class XII and XIII licence, the application fee shall be £2,375.
| Class | Description | Application Fee | Minimum Regulatory Capital | |
|---|---|---|---|---|
| V(a) | Collective Investment Scheme Manager | Establishing, acting as the manager of, or as the operator of, or winding up a collective investment scheme | £8,000 | €125,000 |
| V(b) | Collective Investment Scheme Depositary (5) | Acting as the trustee of a unit trust scheme or the depositary of any other collective investment scheme | £6,250 | €5,000,000 |
| V(c) | Collective Investment Scheme Administrator | Acting as the administrator of a collective investment scheme | £5,000 | £10,000 |
| Collective Investment Scheme | £50,000 |
Note 5. Unless deemed not to constitute a restricted activity under regulation 64 of the Financial Services (Collective Investment Schemes) Regulations 2005.
| Category | Description | Application Fee | Minimum Regulatory Capital | |
|---|---|---|---|---|
| Category 1 | Unrestricted | Permitted to deal as principal with investors, deal as agent for investors, arrange deals for investors, give investment advice, and, hold/control customer money and other customer assets | £8,500 | €730,000 |
| Category 2 | Money-Holders | Permitted to deal as agent for investors, arrange deals for investors, give investment advice, and, hold/control customer money and other customer assets, but prohibited from dealing as principal with investors | £6,750 | €125,000 |
| Category 3 | Arrangers | Permitted to arrange deals for investors, and give investment advice, but prohibited from dealing as principal with investors or dealing for them as agents and from holding/controlling customer money and other customer assets | £5,250 | €50,000 |
| Description | Application Fee | Minimum Regulatory Capital | |
|---|---|---|---|
| Deposit taking | Taking deposits from the public and providing related services | £15,000 | €5,000,000 |
| E-money | Issuing means of payment in the form of electronic money | £22,500 | €1,000,000 |
| Description | Application Fee | Minimum Regulatory Capital |
|---|---|---|
| General business (insurers and reinsurers) | £3,500 | |
| General business (captive insurers and reinsurers) | £3,000 | |
| Long term business (insurers and reinsurers including protected cell companies) | £9,000 | |
| Long term business (captive insurers and reinsurers) | £9,000 | |
| Protected cell companies (general insurance and reinsurance business only) | £3,000 plus £1,250 per cell |
|
| Extensions to Licence | £2,500 |
| Description | Application Fee | |
|---|---|---|
| Audit Firms Inc Non EEA Audit Firms | Firms carrying out statutory audits. | £1,875 |
| Statutory Auditors | Individuals carrying out statutory audits. | £250 |