The Financial Conduct Authority has proposed a £5,000 application fee as an appropriate contribution towards the costs of processing applications to add new financial promotions products.

In a consultation paper, Regulatory fees and levies: policy proposals for 2023/24, published today (November 29), the regulator said this fee will not be treated as a ‘variation of permission’ so the full charge will be payable whether or not the applicant is already authorised by the FCA.

Applicants will be charged separately for each new application, without taking account of the number of product types within a single application.

Where an applicant also applies for a Part 4A permission, the FCA said its usual rule will apply and they will pay only one fee – the highest.

“A firm which already has a permission under section 55NA and subsequently applies to extend its scope, for example to promote additional financial products, will be charged 5 per cent,” it said.

“If it applies instead to reduce the scope of its permission, there will be no charge.”

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