New FCA authorisation fees come into effect on 24 January

Eliminates 73 of original 83 pricing points

The Financial Conduct Authority has updated its authorisation fees in an attempt to simplify the process and shift the weight of application costs onto applicants.

From 24 January 2022, the new authorisation fees will feature ten categories ranging from £250 to £200,000, eliminating 73 of the original 83 pricing points that previously comprised the structure. Of these, 49 of the charges have increased as part of the new system, 23 remained the same and 11 have been reduced, as the regulator seeks to raise the contribution of applicants towards the cost of processing their applications from roughly one-third to two-thirds. FCA to investigate lack of competition in benchmark providers Money market funds advertised in the UK will be subject to c...