Telephone 020 3813 2890 for a free no obligation chat about your regulatory requirements with one of our compliance consultants.

© Compound Growth Limited 2012 - 2018 | Terms of Use

Registered in England and Wales as limited company number 07626537 - Registered Office 120 Pall Mall, London, SW1Y 5EA

We use cookies, if you consent to this use, please continue to browse our site.

Here to help with Regulation and Compliance

Compound Growth

New Adviser Levy Fees for MiFID II

29th December 2016

New Levy Fees expected for MiFID II

The FCA recently published their fourth and final consultation on the implementation of MiFID II, (see our previous article ‘MiFID II: FCA’s Fourth Consultation’).

Within this consultation the regulator has proposed a transitional rule for fees that deals with the period of time between when the regulator starts accepting applications for authorisations relating to the changes in the revised Markets in Financial Instruments Directive (MiFID II) and the moment that rule changes allow the FCA to collect fees for the changes in scope of activity. Since the implementation of MiFID II has been delayed, legislation in this regards is now due to take effect from 3rd January 2018.

The regulator proposes within their latest MiFID II consultation that the fee payable for the application under the transitional regime will only be payable where the fee for that application is higher than the amount paid for any other connected application activities it already regulates.

Firms wishing to comment on the FCA’s proposed transitional fees have until 16th January 2017 when the consultation closes.

MiFID II: FCA details new adviser levy

The new charges, as the FCA stated within their consultation paper, will help to pay for the costs of implementing MiFID II that is set to come into effect in January 2018.

The FCA’s consultation has laid out ‘fee blocks’ that group together different types of financial services firms that fall under the MiFID II regulations.

These fee blocks include:

As can be seen, within the list to be hit by the new regulatory levy next year are financial advice firms, however those with an income of less that £100,000 are excluded as are advisers that deal solely in insurance or pension transfers.

Whilst the FCA said that they do not have “comprehensive information about the proportion of firms in each fee-block that will directly benefit” from the revised Markets in Financial Directive, “as an interim measure, we intend next year to allocate the costs between the relevant fee-blocks in proportion to their share of the FCA’s AFR."

MiFID II Compliance Support

If you are currently reviewing how MiFID II will impact your business and require support or assistance in planning for MiFID II implementation, please contact our experienced regulatory & compliance support team, who would be happy to help.

Other MiFID articles:

News & ViewsNews & Views

Read our latest articles, news and views affecting compliance and regulation in the UK Financial Services Industry.

Compliance Support from Compound Growth Ltd

Please contact our Compliance Support Team for a free no obligation discussion of your regulatory requirements and how our regulatory & compliance consultants can help your business move forward compliantly.

Send Email

Call by Telephone:

(020) 3813 2890

News & Views

MiFID II Extension Confirmed

MiFID II will now be implemented in Europe in 2018 not 2017 following an extension by the European Commission.