Full details of the fees payable under the Lending, Credit and Finance Laws (and other legislation administered by the Commission) appear in the The Financial Services Commission (Fees Regulations), 2024, but for ease of reference a summary is shown in the table below.
Regulatory Fees with effect from 1 January 2025
Application Fees
| Part II - Credit Providers | |
| Home Finance | £6,320 |
| Consumer Credit | £4,740 |
| Part II - Ancillary Service Providers | ||
| Home Finance | £3,160 | |
| Consumer Credit | less than £3,000,000 loans brokered in preceding calendar year | £1,055 |
|
more than £3,000,000 loans brokered in preceding calendar year |
£2,105 |
|
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 | £4,740 |
| Part III - Virtual Asset Service Provider | |
| Virtual Asset Exchange or Stablecoin issuer/operator | £100,035 |
| Non-Exchange/Stablecoin Virtual Asset Service Providers | £26,325 |
| AMC issuer holding Virtual Assets | £3,950 |
| AMC issuing cell holding Virtual Assets | £525 |
| Part IV - Financial Platforms and Intermediation Businesses | |
| Financial Platform and Intermediation | £6,320 |
Annual Fees
| Part II - Credit Providers | ||
| Home Finance | Value of loan book | |
| less than £100,000,000 | £6,320 | |
| equal or more than £100,000,000 | £9,475 | |
| Consumer Credit | Value of loan book | |
| less than £10,000,000 | £4,740 | |
| equal or more than £10,000,000 | £7,895 | |
Where a credit provider is a licensed institution under the Banking Law, its LCF annual fee is 50% of the relevant fee, above.
| Part II - Ancillary Service Providers | ||
| Home Finance | £3,160 | |
| Consumer Credit | less than £3,000,000 loans brokered in preceding calendar year | £1,055 |
|
more than £3,000,000 loans brokered in preceding calendar year |
£2,105 |
|
Where a licensee carries out multiple Part II activities, it shall pay the higher fee only.
| Part III - Financial Firm Businesses | |
| Financial Firm Business | £1,580 |
| Part III - Virtual Asset Service Provider | |
| Virtual Asset Exchange or Stablecoin issuer/operator | £100,035 |
| Non-Exchange/Stablecoin Virtual Asset Service Providers | £26,325 |
| AMC issuer holding Virtual Assets | £3,950 |
| AMC issuing cell holding Virtual Assets | £525 |
| Part IV - Financial Platforms and Intermediation Businesses | |
| Financial Platform and Intermediation | £6,320 |
Other Application Fees
Discretionary exemption application, individual - £600
Discretionary exemption application, firm - £1,335
Variation of activities in respect of which an entity is licensed - £1,415
CHANGE OF CONTROLLER
Notification of change of controller: £2,655
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
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.