Financial Advisers Act 2001 · 2020 Revised Edition · Part 2 · Financial Advisers and Representatives
21. Annual fees payable by exempt financial advisers and certain representatives
Feedback & supportLast amended by an amending law of 2024. 3 amendments in all.
Every exempt financial adviser and representative of a person exempted under section 20(1)(f), (g) or (h) must, on a yearly basis on such date as the Authority may specify, pay such fee as the Authority may prescribe and in such manner and on such date as the Authority may specify.
exempt financial adviser
“exempt financial adviser” means a financial adviser who is exempt under section 20(1) from holding a financial adviser’s licence;
Any fee paid under subsection (1) must not be refunded or remitted if —
in the case of an exempt financial adviser —
its exemption is withdrawn;
it fails or ceases to provide any financial advisory service; or
a prohibition order has been made against it,during the period to which the fee relates; and
in the case of a representative of a person exempted under section 20(1)(f), (g) or (h) —
the exemption of the person who is so exempted is withdrawn;
the person fails or ceases to act as a representative; or
a prohibition order has been made against the person,during the period to which the fee relates.
Subject to subsection (2), the Authority may, where it considers appropriate, refund or remit the whole or part of any fee paid or payable to the Authority.
Where an exempt financial adviser or representative of a person exempted under section 20(1)(f), (g) or (h) fails to pay the fee by the date on which such fee is due, the Authority may impose a late payment fee of a prescribed amount for every day or part of a day that the payment is late and both fees are recoverable by the Authority as a judgment debt.[23A
representative
“representative” means a person, by whatever name called, in the direct employment of, or acting for, or by arrangement with, a financial adviser, who performs on behalf of the financial adviser any financial advisory service, whether or not the person is remunerated, and whether the person’s remuneration (if any) is by way of salary, wages, commission or otherwise, and includes any officer of the financial adviser who performs for the financial adviser any financial advisory service whether or not the officer is remunerated, and whether the officer’s remuneration (if any) is by way of salary, wages, commission or otherwise;