FSA sets £100k income threshold for minimum fees

The Financial Services Authority (FSA) is to set the income threshold under which firms will only have to pay the minimum annual fee at £100,000.

From 2013/14, the regulator is to assess firms' contributions to its annual funding requirement based on income, rather than the current headcount-based methodology. The changes were originally mooted last October and, following an impact assesment, will be confirmed at the FSA's December board meeting. In a consultation paper published yesterday, the FSA said the £100,000 threshold was "appropriate" as it would leave a similar proportion paying the minimum fee - £1,000 - as under the current system. At present, firms pay the minimum fee if they have fewer than two authorised perso...