The fee calculator will enable you to work out your FSA fees, MAS (formerly CFEB) Levy, FSCS levy and FOS general levy for different financial periods and scenarios (either the consulted rates or the final rates for that period).
- budget effectively for the forthcoming year's regulatory fees and levies;
- view the regulatory fees and levies for various years and scenarios so you can compare them;
- assess the costs of regulation before applying to be authorised;
- assess the ongoing costs of increasing your activities before applying for a Variation of Permission; and
- assess the impact that a change in business (increase in tariff data) will have on your regulatory fees and levies.
The calculator will make it quick and easy to calculate your regulatory fees and levies. All you need to do is answer a few simple questions about your firm, select your fee block(s), sub-class(es) and industry block(s) and enter the corresponding tariff data. You will then be able to access detailed breakdowns of your costs of regulation and consumer protection.
The calculator has help screens at every step. Move your cursor over the highlighted words and helpful comments will appear. More detailed information is also available by either clicking on the highlighted words or by clicking the help icons on the right-hand side of the page.
2012/2013 Money Advice Service Consultation Rates
MAS Debt Advice – From April 2012, the MAS will carry out a central role in the coordination of debt advice across the UK.
This new responsibility is being assumed following a request from government that the Money Advice Service:
- develops a new more effective and efficient model for providing debt advice that ensures good outcomes for consumers; and
- from April 2012, takes over responsibility for funding face-to-face debt advice services in England and Wales, previously funded by the Department for Business, Innovation and Skills (BIS)
The total funding required for this activity in 2012/13 is £40.5m. In conjunction with the Money Advice Service we are proposing that the funding for debt advice is allocated to the firms who will benefit from the provision of debt advice. Research undertaken by the Money Advice Service (to be published in February) shows that household debt is 15% unsecured and 85% secured. We are therefore proposing to use this split as the basis for allocating the £40.5m funding requirement between the following fee-blocks:
- £6.1m (15%) to a separate debt advice A.1 (Deposit acceptors) fee-block as the firms undertaking this regulated activity also provide unsecured lending, even though the FSA does not regulate consumer credit; and
- £34.4m (85%) to a separate debt advice A.2 (Home finance providers and administrators) fee-block as these firms provide secured lending
At this stage the Fees Calculator does not include any rates for MAS Debt Advice, However, the fees being consulted on for 2012/13 for this activity are approximately as follows;
For firms in fee-block A.1 the rate is £6.87 per £100,000 of unsecured debt; and
For firms in fee-block A.2 the rate is £3.51 per £100,000 of secured debt.
For further information relating to MAS debt advice including the definitions for the tariff bases please refer to the 2012/13 Fees Consultation Paper CP12/3.
Please note: Additional FSCS Levy for 2011/12
SD02 (Investment – Intermediation) - On the 14 March 2012 the FSCS announced that there would be an interim levy of £60m. The fee calculator does not include calculations for this interim levy. Therefore, firms should use the calculator and add an additional payment of approximately £162 per £10,000 of annual income as reflected on their 2011/12 invoice.
For further information on this matter, please refer to the FSCS press release of the 14 March 2012,
FSCS letter dated 26 March and FAQ’s on the Fees Web Pages.
2011/2012 Final FSCS Rates Correction
FSCS levies – Correction to rates - Subsequent to finalising the FSCS levy rates for 2011/12 at end-May 2011 and issuing the annual periodic fees invoices, it has come to our notice that due to an administrative error, a number of FSCS levy rates were set incorrectly. The rates were set higher than they should have been for five fee-blocks/sub-classes and this has resulted in a projected over-payment of FSCS levies for the year. Having consulted with the FSCS, it was agreed that the FSA will correct the FSCS rates for the fee-blocks/sub-classes affected (as shown in the table below) and credit notes were issued to all firms which had been incorrectly invoiced in September 2011.
| A.7 |
Base costs |
Fund Managers |
| A.10 |
Base costs |
Dealers as Principal |
| A.12 |
Base costs |
Advisers/Arrangers (HCM) |
| A.14 |
Base costs |
Corporate Finance Business |
| SB01 |
Specific & Compensation costs |
General Insurance - Provision |
The 2011/12 Final Rates in the Fee Calculator do not reflect these changes at the moment. Firms wanting to calculate their FSCS levy for thesefee-blocks/sub-classes should email the Fees Helpline.
SA01 (Deposit) – In April 2011 the FSCS announced their annual levy for 2011/12 of £217m. Since this announcement, on 16 June 2011, Southsea Mortgage and Investment Company Limited (Southsea) has been placed into the Bank Insolvency Procedure. Under the faster payout process, the FSCS commenced paying compensation to depositors immediately, and paid the majority of Southsea’s customers within two days. The total compensation required is £7.3m, most of which has already been paid.
The FSCS operates on a pay-as-you-go basis and Southsea was not included in the FSCS’s original levy. The compensation payments were all made before the levy bills were issued and the amount required for the FSCS’s original forecast remains the same. Therefore, the cost of Southsea has been added to the 2011/12 levy.
The current fee calculator is based on the £217m levy, prior to the default of Southsea. As a result firms are advised to use the calculator as normal and calculate an additional payment of approximately £8.27 per £1m of protected deposit as at 31 December 2010 in respect of the additional compensation costs for the deposit class.
See FSCS levy calculation notes for 2011/12 for the breakdown of the amounts levied for the 2011/12 levy.
Read further information on the default of Southsea Mortgage and Investment Company Ltd.
What has happened?
The Financial Services Compensation Scheme (FSCS) recently announced an interim levy of £326m for Investment Intermediation sub-class (SD02) for 2010/11. The FSCS is raising this levy to cover the costs of claims made, predominantly against Keydata Investment Services Limited and Wills & Co.
Of the £20m levy already raised on the Investment Intermediation sub-class earlier this year, £14m related to compensation costs. This means a further £86m can be raised before the £100m annual threshold for this sub-class is reached. The planned interim levy will exceed the compensation threshold for the Investment Intermediation sub-class, which means that, under the cross subsidy principle of the FSCS funding system, the remaining £233m will fall to the Investment Fund Management sub-class.
For more information, please refer to the FSCS press release and the letter to firms explaining the levy.
If you have any queries, including why the levy is required, or what the basis is for allocating the levy to the Investment Intermediation sub-class, please contact the FSCS on 0800 678 1100.
What this means if you are in sub-class SD01 or SD02
Firms in the Investment Intermediation sub-class (SD02) will pay £93m: which is made up of £86m for compensation claims and £7m for specific costs attributable to these defaults. (Specific costs are not part of the £100m Investment Intermediation sub-class annual compensation threshold).
Firms in the Investment Fund Management sub-class (SD01) will pay £233m (this is for compensation costs only as the Investment Intermediation sub-class will pay for all specific costs).
This additional levy will result in an additional payment of approximately £250 per £10,000 of annual eligible income for the Investment Intermediation sub-class (SD02) and £384 per £10,000 of annual eligible income for the Investment Fund Management sub-class (SD01).
Specific and Compensation costs are calculated by reference to the share of the firm's annual eligible income for the relevant sub-class as a proportion of the total annual eligible income for that sub-class.
Calculate your costs
Although the fee calculator includes the calculation for the original levy of £20m for sub-class SD02, it does not include any calculations for this interim levy.
If you need help or wish to query how the levy is calculated for your firm, please call the customer contact centre on 0845 606 9966, or email the Fees helpline.
You can work out an estimate of your share of the levy by using the following formulae:
Investment Intermediation sub-class (SD02)
The total levy to be raised for sub-class £92,673,117, divided by the total annual eligible income for all participant firms £3,701,380,911 and multiplied by the firm’s annual eligible income for this sub-class (as shown on their 2010/11 regulatory fees and levies invoice for this sub-class).
Investment Fund Management sub-class (SD01)
The total levy to be raised for sub-class £232,646,310 divided by the total annual eligible income for all participant firms £6,065,110,707 and multiplied by the firm’s annual eligible income for this sub-class (as shown on their 2010/11 regulatory fees and levies invoice for this sub-class).
Please note: Additional FSCS Levies for 2009/10
Invoiced 26 July 2010
SA01 (Deposit Class) - Firms taking deposits will be expected to pay the second tranche of the Specified Deposit Defaults (SDDs) interests and management costs arising from the 2008 Banking defaults by 1 September 2010. The total levy for period covering 1 April 2009 to 31 March 2010 is £374.4m. The tariff data used for calculating the SDD levy for 2009/10 is £991,707m which is the aggregate protected deposits for the deposit taking sub class as at 31 December 2008. This has resulted in an additional levy of approximately £378 per £1m of protected deposits for firms. Each firm’s levy is calculated on its level of protected deposits as at 31 December 2008.
More information about the SDD levy can be found in the FSCS 2009/10 Annual Report, which was published on 22 July 2010.
Please note the fee calculator does not take into consideration any calculations for this levy.
Invoiced 30 March 2010
SD02 (Investment – Intermediation) - The FSCS announced an indicative levy for this sub-class for 2009/10 of £58m. However the FSCS initially only levied firms £30m for 2009/10 with a further levy due later in the financial year 2009/10 when the amount required would be clearer.
The FSCS announced on 12 February that the additional levy would be at least £70m following revised information about claims against Pacific Continental Securities Ltd, Square Mile Securities Ltd, Keydata Investment Services Limited and other investment firms.
On the 30 March 2010 the FSCS confirmed the interim levy would be £80m. Although the fee calculator does include calculations for the original levy of £30m, it does not include any calculations for this interim levy. Firms are advised that the levy resulted in an additional payment of approximately £1,335 per approved person as at 31 December 2008.
For further information on this matter, please refer to the FSCS press releases of the 12 February and 30 March 2010.
Please note: Additional FSCS Levies for 2008/09
Invoiced 29 July 2009
SA01 (Deposit Class) - Firms taking deposits will be expected to pay back £406m to cover the estimated expenses to 31 March 2009 arising from the defaults in relation to a number of deposit takers, Bradford & Bingley, Heritable Bank, Kaupthing Singer & Friedlander, Landsbanki Islands ‘Icesave’ and London Scottish Bank, in 2008. This is lower than the figure of £435m published in the FSCS Plan and Budget and reflects interest rate reductions. The final 2008/09 amount was announced on 30 March 2009 and levied on 29 July 2009, to enable the FSCS to pay the loan interest to the Treasury by 1 October 2009.
The fee calculator does not take into consideration any calculations for this levy, The levy is calculated on a firm’s level of protected deposits as at 31 December 2007 and has resulted in an additional levy of £431.43 per £1m of protected deposits. For further information please refer to the FSCS Press Release of 30 March 2009 and the letter sent to trade associations on 28 July 2009.
Invoiced 30 March 2009
SD02 (Investment – Intermediation) - In January 2009 the FSCS declared Pacific Continental Securities (UK) Ltd in default. It is estimated that the likely costs of the default will range between £40m and £70m, however the final costs may fall outside this range. On 30 March 2009 the FSCS announced an interim levy for sub-class SD02 of £38m in respect of 2008/09. The fee calculator does not take into consideration any calculations for this interim levy however it will result in an additional levy of approximately £565 per approved person as at December 2007.
For further information on this matter, please refer to the FSCS press releases of the 28 January 2009 and the 30 March 2009.
The Fee Calculator application is normally available Monday to Sunday from 04.00am to 10.00pm. Occasionally, the application will be unavailable during this time because of essential maintenance.
Minimum computer requirements
You will need:
- Microsoft Internet Explorer version 6.0 or above;
- JavaScript enabled in your web browser; and
- a connection to a printer so you can print out hard copies of the calculation results, should you wish to.
So, to access the fee calculator, simply select from the links below the fee year and scenario for which you would like to calculate your fees and levies.
2012/13
2011/12 (Consultative fee and levy rates are constant for FSA, MAS (formerly CFEB) & FSCS in all 3 scenarios)
2010/11
2009/10
2008/09
2007/08
2006/07
2005/06
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