Join SimplyBiz.

Becoming directly regulated for the first time might seem like an series of obstacles at the outset - making demands of both your time and your patience! However the SimplyBiz Applications Team are there to make the process as straightforward and hassle free as possible for you.
 
The Applications Team are all specialists in the area of FSA applications and forms and with their combined experience they are able to submit every application completed to a high specification, which means that it is likely to be dealt with in a shorter time. They will assist with the completion of the forms, ensure that you have all the relevant information to hand and guide you through any issues that may arise. They have now processed over 1000 applications and are therefore able to spot most potential problems at the outset.

The following information may be useful to you if you are currently considering becoming directly regulated:
 
Charges for 2009/10 (please note this is a guide only):
 
FSA Application Fee £1,500
VOP £750

Annual Fees

Full Permissions (Investments)

1st Adviser £1850

2nd – 4th £1,119

Mortgage Firm

£745 + £5.18 per £1,000 over £100,000 t/o (£372.50 if have full permissions and turnover less than £100k)

GI Firm

£450 + £4.31 per £1,000 over £100,000 t/o (£225 if have full permissions and turnover less than £100k)

FSCS

Investment permissions £1,109.31 (per adviser)
Est costs payable in 1st fiscal yr £32
Mortgage £17.51 (per firm based on t/o £100k)
GI £16.66 (per firm based on t/o £100k)

FOS

£40 (Per RI) Investment subject to minimum number of RIs
£70 per firm Mortgages
£80 per firm General Insurance
 

FSA transitional fees

The fees for the first year are taken pro rata, please see below for a guide on how much you will be charged depending on the date that you become directly regulated:

1st April - 30th June 100%
1st July - 30th September 75%
1st October - 31st December 50%
1st January - 31st March 25%

First bill from the FSA will be received within 3 months of authorisation and will be expected to be paid within 28 days.

AIFA members get the option to pay FSA fees monthly. Non-AIFA members will be asked to pay in one lump sum.

Before FSA Approval

Once the FSA have completed their intial vetting of an application they will advise you / us that the application is to be passed to committee. At this point the FSA will also request permission from you to obtain a reference from your host network, if applicable. It is at this final stage that your firm will need to resign from the network.

Timing and giving notice to your network

Once you have resigned you are unlikely to receive outstanding commissions until any unearned indemnity commission liability is less that the commission due to you. This may also apply during the networks notice period.

Your network will establish what your clawback liability is.

PI charges made by networks

Confirmation of authorisation

If you are starting a new trading entity then you should not need to wait until you have completed your notice period with your network before you can start to trade.