PART 8Regulators’ fees
Fees: Financial Conduct Authority208
1
The Financial Conduct Authority (“the FCA”) may make rules providing for the payment to it of such fees, in connection with the discharge of any of its qualifying functions, as it considers will (taking account of its expected income from fees and charges provided for by any provision of the Act other than sections 137SA, 137SB and 333T410) enable it—
a
to meet expenses incurred in carrying out the functions conferred on it by or under the Act411, other than its excepted functions, or for any incidental purpose,
b
to repay the principal of, and pay any interest on, any relevant borrowing and to meet relevant commencement expenses, and
c
to maintain adequate reserves.
2
It is irrelevant when the expenses mentioned in paragraph (1)(a) were incurred.
3
The “excepted functions” of the FCA are—
a
its functions under sections 137SA and 137SB of the Act, and
b
its functions under section 333T of the Act so far as relating to the collection of payments.
4
In paragraph (1)(b) “relevant borrowing” and “relevant commencement expenses” have the meaning given by paragraph 23(3) and (5) of Schedule 1ZA to the Act412.
5
In fixing the amount of any fee which is to be payable to the FCA, no account is to be taken of any sums which the FCA receives, or expects to receive, by way of penalties imposed by it under the Act.
6
Any fee which is owed to the FCA under any provision made under this regulation may be recovered as a debt due to the FCA.
7
Chapter 2 of Part 9A of the Act413 (rules: procedural provisions etc) applies in relation to rules under this regulation as it applies in relation to rules under paragraph 23 of Schedule 1ZA to the Act.
8
The requirements of sections 138I and 138K of the Act414 in so far as they apply to a proposal to make rules under this regulation may be satisfied by things done (wholly or in part) before the date on which this regulation comes into force.