FSA Opens Consultation on Changes to Fees in Light of New Regulatory Structure

The Financial Services Authority is consulting on changes to its fee structure, primarily to prepare for the first period of operation of the new Prudential Regulation Authority ("PRA") and the Financial Conduct Authority ("FCA"). Among other issues, the consultation considers:

• the introduction of separate fee blocks for PRA and FCA firms;
• the basis for PRA/FCA minimum fees; and
• revisions to discounts for European Economic Area firms with branches in the UK.

Comments on the consultation should be submitted by January 7, 2013.