The FCA has set out the new structure for authorisation application fees which takes effect on 24 January 2022. The current charges are being condensed into 10 simple pricing categories and the following additional charges will be introduced:
- a lower category 3 charge of £1,000 when firms that apply for the credit-related permissions of debt counselling and debt adjusting request restrictions on their permitted activity because it is ancillary to their main business; and
- a lower category 4 charge of £2,500 for lead generator CMCs applying only for the permission to seek out people who may have a claim.
The FCA has also announced that it is still intending to bring in the new charge of £250 for stand-alone long Form A applications for both Senior Manager Functions and Controlled Functions for Appointed Representatives but that further work is required before this is introduced.