Intermediary firms have escaped a registration fee and individual brokers face lower fees then last year.
Firms with between one and ten sales staff will pay £40 per adviser, ten pounds less then under a pro-rata comparison with the previous years fees.
The registration process will begin in late February when the MCCB will mail all registered firms inviting them to renew membership.
The organisation was keen to point out that only firms who registered would benefit from the FSA’s due credit scheme, whereby those in good standing with the MCCB will be granted an easier passage through regulation.
Commenting on the announcement Luke March, chief executive of the MCCB, said: “As a result of careful management over the last four years we have been able to reduce fees in this final period. We would like to encourage firms to continue registering with us so they can gain due credit from the FSA.
This will benefit them and the industry as a whole. The savings have been achieved despite the fact that we have had to put aside a considerable sum for redundancy payments.”
MCCB fee structure.
Registered sales staff
2003/04 staff fee for 12 months
2003/04 registration fee
2004
staff fee for six months
2004 registration fee
£
£
£
1-10
100
23
40
0
11-50
95
117
35
0
51-100
85
235
30
0
101-500
75
705
25
0
501-1,000
70
1,175
20
0
1,000-plus
65
7,050
15
0
