From 24 January the new authorisation fee structure from the Financial Conduct Authority (FCA) will see Financial Planning firms pay a standard authorisation fee of £2,500.

The regulator has updated its authorisation fees in an attempt to simplify the process.

It said that the new fee structure will also shift the weight of application costs onto applicants.

Previously FCA application fees have not changed in almost 20 years, with inflation eroding their value. This has left authorised firms paying an increasing proportion of processing costs for authorisation applications for new firms.

The new FCA application fee structure has 10 pricing categories.

Financial Planning firms will fall into category 4, with a standard authorisation application fee of £2,500.

Any draft authorisation application submitted after 24 January will be subject to the new fees.

The new pricing structure follows a consultation from the regulator in November 2020.

The FCA also consulted on introducing a new charge for applications under the senior managers regime and controlled functions for appointed representatives.

The regulator said it expects to introduce new charges for these applications but will give further notice before they are implemented.