Administration and fees
Administration and Fees for applications for advanced approaches
Please send applications to:
Central Waivers Team
Regulatory Transactions Division
The Financial Services Authority
25 The North Colonnade
Canary Wharf
London E14 5HS
E-mail address: centralwaiversteam@fsa.gov.uk
You must submit all information in an electronic format (eg by email or on CD ROM) except for the sign-off section (Section F for IRB applications and Section E for AMA applications) which you may forward in hard copy to the address above.
You must pay the fee in full when you submit your application. This includes shadow applications.
We do not offer payments by instalments.
Application fee amounts
The application fee varies according to the complexity of the applicant firm. We will assess complexity according to Modified Eligible Liabilities (MELs) for firms in the A.1 fee block (deposit takers) and number of traders for firms in the A.10 fee-block (dealers as principal). A firm applying for waivers which is in both the A.1 and A.10 fee-blocks will be treated as a firm in the more complex group of the two, and it will therefore pay the higher application fee.
The following table summarises the complexity groups for application fees.
| Definition of groups | Group 1 | Group 2 | Group 3 | Group 4 |
|---|---|---|---|---|
| Deposit takers | Five or more significant overseas entities making use of the models | MELs > £40bn | MELs ≤ £40bn and MELs > £5bn | MELs ≤ £5bn |
| Investment banks | Five or more significant overseas entities making use of the models | No. of traders over 200 | No. of traders in range 26 to 200 | No. of traders 25 or fewer |
The table below gives, for each combination of complexity grouping and type of approach, the fees we will charge for processing waiver applications received from 1 April 2007 to 31 March 2008. The fee is set at a level which will, as far as we can achieve it, recover the average of costs across all the firms that fall within each cell. Costs include the use of staff time directly related to processing applications – including benefits, pension and employers’ National Insurance contributions. We have not included an allowance for overheads.
| 2007/08 Fees | ||||
|---|---|---|---|---|
| Application type | Group 1 fee £'000 |
Group 2 fee £'000 |
Group 3 fee £'000 |
Group 4 fee £'000 |
| Advanced IRB/Retail | 257 | 222 | 90 | 40 |
| Foundation IRB/Retail | 222 | 190 | 69 | 29 |
| AMA | 174 | 140 | 49 | 23 |
| Internal Model Method | 2007/08 flat fee £52,000 | |||
Article 129 Applications where the FSA is host regulator
Where a firm's EEA parent applies to its Home State regulator for an Advanced or Foundation IRB application and the home state regulator requests the FSA's assistance the fees in the table above are applicable if:
- The firm is a subsidiary of the applicant in the United Kingdom and has permission to accept deposits; and
- The firm has Modified Eligible Liabilities greater than £5bn.
The firm must pay the fee within 30 days of the FSA notifying the firm that its EEA parent's Home State regulator has requested the FSA's assistance.
How to make a payment
You may pay by cheque or electronic bank transfer (BACS or CHAPS).
Please note that payment by instalments is not permitted for this application fee.
To pay by electronic bank transfer
The FSA bank details are:
Account Name: FSA Collection Account
Bank Name: Lloyds TSB
Account number: 00828179
Sort code: 30 00 02
Please reference your payment with your firm reference number (FRN) and "CRD APP"
To pay by cheque:
Please make cheques payable to ‘The Financial Services Authority’ and enclose the cheque with your signed application. Please write your firm reference number and ‘CRD APP ’ on the back of the cheque.
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