QSMA Fees Notice 2024

Summary

This notice sets the fees payable by operators who rely on the Qualifying Segregated Managed Accounts (QSMA) exemption under Article 3(1) of the 2014 QSMA Order. It applied for the period 1 July 2024 to 31 December 2024 and has since been superseded by a later fees notice.

• Initial charging period fee: An operator placing reliance on the QSMA exemption for the first time pays £6,402, or a pro rated £530 per complete month (if reliance starts other than on 1 July), due on the date reliance is first placed.
• Subsequent charging period fee: From the second 1 July onward, operators pay an annual fee set by a schedule based on the number of relevant QSMAs held on 1 July, ranging from £3,201 (1 QSMA) up to £30,109 (200 or more), due by 31 July.
• Fee relief: Operators also registered to conduct discretionary investment management (and who have paid the related registration fee) get a reduction of £530 per month in an initial period, or 1/6th per month in a subsequent period; any resulting overpayment is remitted or credited at year end, without interest.
• No refund on ceasing reliance: If an operator stops relying on Article 3(1) partway through a charging period after paying the fee, no rebate or refund is given.
• Late payment surcharge: Fees not paid by the applicable due date incur an additional 5% of the unpaid principal, applied the day after the due date and again on the first day of each subsequent calendar month.

Because this notice has been superseded, current QSMA fee levels should be checked against the JFSC's later fees notice; this document remains relevant only for fees relating to the July to December 2024 period.

Key obligations

• An operator placing reliance on Article 3(1) of the QSMA Order for the first time must pay the initial charging period fee (£6,402, or pro rated £530 per complete month) by the date reliance is first placed.
• An operator continuing to rely on the QSMA exemption on 1 July must pay the subsequent charging period fee set out in the Schedule by 31 July of that period.
• An operator that fails to pay a QSMA fee by its due date must pay an additional late payment fee of 5% of the unpaid principal, applied the day after the due date and on the first day of each subsequent month.
• Operators seeking the discretionary investment management fee relief must have paid the JFSC the corresponding registration fee to qualify for the reduction.

Applies to

operators relying on the QSMA Order exemption (Article 3(1)), investment business entities registered for discretionary investment management

Deadlines

• 1 July 2024 - 31 December 2024: Period for which the fees set out in this notice are effective
• date on which reliance was first placed by the operator: Due date for the initial charging period fee
• 31 July: Due date for the subsequent charging period fee

Related documents

• QSMA Fees Notice 2025 replaces this document