Fees

Full details of the fees payable under the Lending, Credit and Finance Laws (and other legislation administered by the Commission) appear in the Financial Services Commission (Fees) Regulations, 2023, but for ease of reference a summary is shown in the table below.

Regulatory Fees with effect from 1 January 2024

Application Fees
Part II - Credit Providers
Home Finance £6,000
Consumer Credit £4,500

 

Part II - Ancillary Service Providers
Home Finance £3,000
Consumer Credit less than £3,000,000 loans brokered in preceding calendar year  £1,000

more than £3,000,000 loans brokered in preceding calendar year

£2,000

Where an applicant intends to carry out multiple Part II activities, it shall pay the higher fee only.

 

Part III - Financial Firm Businesses
Financial Firm Business £4,500

 

Part III - Virtual Asset Service Provider
Virtual Asset Exchange or Stablecoin issuer/operator £95,000
Non-Exchange/Stablecoin Virtual Asset Service Providers £25,000
AMC issuer holding Virtual Assets £3,750
AMC issuing cell holding Virtual Assets £500

 

Part IV - Financial Platforms and Intermediation Businesses 
Financial Platform and Intermediation £6,000

 

Annual Fees
Part II - Credit Providers
Home Finance Value of loan book  
less than £100,000,000 £6,000
equal or more than £100,000,000 £9,000
Consumer Credit Value of loan book  
less than £10,000,000 £4,500
equal or more than £10,000,000 £7,500

Where a credit provider is a licensed institution under the Banking Law, it's LCF annual fee is 50% of the relevant fee, above. 

 

Part II - Ancillary Service Providers
Home Finance £3,000
Consumer Credit less than £3,000,000 loans brokered in preceding calendar year  £1,000

more than £3,000,000 loans brokered in preceding calendar year

£2,000

Where a licensee carries out multiple Part II activities, it shall pay the higher fee only.

 

Part III - Financial Firm Businesses
Financial Firm Business £1,500

 

Part III - Virtual Asset Service Provider
Virtual Asset Exchange or Stablecoin issuer/operator  £95,000
Non-Exchange/Stablecoin Virtual Asset Service Providers £25,000
AMC issuer holding Virtual Assets £3,750
AMC issuing cell holding Virtual Assets £500

 

Part IV - Financial Platforms and Intermediation Businesses 
Financial Platform and Intermediation £6,000

 

Other Application Fees

Discretionary exemption application, individual - £570

Discretionary exemption application, firm - £1,270

 

Variation of activities in respect of which an entity is licensed - £1,345

 

Notification of change of controller - £2,370  

Administrative Financial Penalties

LATE FILING PENALTIES

Where a licensee files a relevant document (such as its annual return and accounts) after its specified deadline date, a late filing penalty may apply. This will be calculated using the table below. Each subsequent month (or part of a month) that the relevant fee has not been paid will result in a further incremental penalty accruing.

Late Filing Penalty Penalty Increments
First Month £125
Second Month £250
Third Month £375
Each Subsequent Month £375

The Commission may grant deadline extensions under extenuating circumstances. Where the Commission has done this that date will be taken as the revised deadline date for the purposes of calculating any late filing penalty.

LATE PAYMENT PENALTIES

Where a licensee pays its annual fee subsequent to its due date, a penalty may apply. For the annual fee levied each calendar year, the due date is 31 January. For pro-rated annual fees, this would be 30 days after the fee became payable. In both cases, the due date will be included on the invoice.

This will be calculated using the table below. Each subsequent month (or part of a month) that the relevant fee has not been paid will result in a further incremental penalty accruing.

Late Payment Penalty Penalty Increments
First Month £125
Second Month £250
Third Month £375
Each Subsequent Month £375
INACCURATE FILING PENALTIES

As consulted on in 2022, where a licensee has submitted a relevant document that is inaccurate a penalty will be calculated as per the table below.

Inaccurate Filing Penalty

Error Identified by Firm Error Identified by the Commission
On identification of the error and return of the submission for correction by the firm £125 £500
Each subsequent month taken to correct the error £125 £500

To ensure the regime is proportionate, inaccurate filing penalties will apply on a case-by-case basis, which looks to ensure such penalties are not issued for small discrepancies or where guidance is unclear.