QSMA Fees Notice 2025

Summary

This notice sets the fees payable by operators relying on the exemption for Qualifying Segregated Managed Accounts (QSMAs) under Article 3(1) of the QSMA Order, for the period 1 January to 31 December 2025. It covers fees for both the initial period an operator first relies on the exemption and subsequent annual periods, plus relief and late payment rules.

• Initial charging period fee: An operator first placing reliance on Article 3(1) of the QSMA Order pays £6,530, pro-rated at one twelfth per month if reliance begins other than on 1 January; due on the date reliance is first placed.
• Subsequent charging period fee: From the following 1 January onward, the operator pays an annual fee set by a schedule based on the number of relevant QSMAs held on 1 July, ranging from £6,530 (1 QSMA) up to £61,422 (200 or more QSMAs); due by the date stated on the JFSC invoice.
• Fee relief: Operators also registered to conduct discretionary investment management (and who have paid the related registration fee) get a reduction of £541 per complete month in an initial charging period, or 1/12th per complete month in a subsequent charging period; overpayments are remitted or credited at year end with no interest.
• No refund on ceasing reliance: No rebate or refund is given if an operator stops relying on Article 3(1) partway through a charging period after having paid the fee.
• Late payment: Fees not received by the due date incur an additional late payment fee of 5% of the unpaid principal, applied the day after the due date and again on the first day of each subsequent calendar month.

This notice has since been superseded by a later year's QSMA fees notice, but it remains relevant for understanding the 2025 fee structure and payment mechanics.

Key obligations

• An operator first placing reliance on Article 3(1) of the QSMA Order must pay £6,530 (or a pro-rated amount if reliance starts other than on 1 January) by the date reliance is first placed.
• An operator relying on Article 3(1) on 1 January (start of a subsequent charging period) must pay the fee set out in the Schedule based on the number of relevant QSMAs on the preceding 1 July, by the due date stated on the JFSC invoice.
• Operators seeking fee relief must be registered to conduct discretionary investment management under Article 2(2)(b) of the Law and have paid the associated registration fee.
• Fees not paid by the due date incur a 5% late payment fee on the unpaid principal, reapplied on the first day of each subsequent month until paid.

Applies to

QSMA operators (persons appointed to undertake relevant activity in connection with a segregated managed account under the QSMA Order)

Deadlines

• 1 January - 31 December 2025: Period for which the fees in this notice are effective.
• date reliance is first placed by the operator: Due date for the initial charging period fee.
• due date specified on the JFSC invoice: Due date for a subsequent charging period fee.
• day after the due date, and first day of each calendar month thereafter: When the 5% late payment fee is applied to unpaid fees.
• 1 July: Date on which the number of relevant QSMAs is counted to determine the subsequent charging period fee under the Schedule.

Related documents

• This document replaces QSMA Fees Notice 2024
• JFSC Fees Notice 2026 replaces this document