§ Mr. FlightTo ask the Chancellor of the Exchequer pursuant to the answer to the hon. Member for East Worthing and Shoreham (Tim Loughton) of 14 January 2004,Official Report, column 8I6W, on the Financial Services Authority, for which firms the Financial Services Authority has reduced fees; by how much; which fees these were; and when. [151090]
§ Ruth KellyThe Financial Services Authority (FSA) reduces fees for all firms in those areas of business where fines have been levied. It received £100,000 in financial penalties in the financial year 2001–02. This was applied 273W to the benefit of fee-payers in fee block A.7 (fund managers), reducing the fees for all firms in this fee block paid in 2002–03 by 0.5 per cent. of those fees.
The FSA received £9,169,000 in financial penalties in the financial year 2002–03. It applied this amount to the benefit of fee-payers in six fee blocks. In fee block A.1 (deposit-acceptors) there was a reduction of 1.5 per cent. of the 2003–04 fee, in fee block A.4 (firms conducting insurance activities subject to both prudential and conduct of business regulation) a reduction of 3.1 per cent., in fee block A.7 (fund managers) a reduction of 1.7 per cent., in fee block A.12 (advisory arrangers dealers or brokers (holding or controlling client money and/or assets)) a reduction of 29.0 per cent., in fee block A.13 (advisory arrangers, dealers or brokers (not holding or controlling client money and/or assets)) a reduction of 3.1 per cent., and in fee block A.16 (Pensions Review levy firms) a reduction of 11.6 per cent.