The Financial Conduct Authority (FCA) has imposed new fees on businesses applying for authorisation – after going unchanged for two decades.
The City watchdog has increased 49 charges, while 23 remained the same and 11 were reduced.
The extra costs will begin from January 24, but the amount a business pays when applying will depend on how they fit into one of the regulator’s 10 categories.
The fees begin at £250 for category one, but swell to as much as £200,000 for firms such as investment exchanges applying for authorisation.
“We believe that the overall impact of our proposals would raise the contribution of applicants towards the cost of processing their applications from about a third to about two-thirds,” the FCA said.
“We consider this a fairer apportionment in principle, though there would not be a large practical impact on existing fee-payers.”
The watchdog has also proposed plans to increase fees for regulated firms, which would see a jump from £1,151 to £2,200. The unlocked funds will be used to fund the FCA’s supervision activities.