Here is a list of the categories that members are filed under by FSCL administration. Fees are based off your member category.
Type 1: Advisers (Section 5(a))
(Type 1 members pay an individual rate reduced if they are members of a larger group. Groups who exempt their members from the requirement to join a scheme pay a rate per broker/adviser)
- Financial advisers (Section 5(a) and Section 10(a)FAA)
- Financial Planners (Section 5(a) and Section 10(c)FAA)
- Traders in derivatives and futures (Section 10(b)FAA and Section 5(k))
Type 2: QFEs
(Qualifying Financial Entities) pay a single fee, the annual fee calculated as for advisers or brokers above. Joining fees may be adjusted if there is a central internal complaint unit responsible for management and determination of complaints.
Type 3: Brokers
(Section 5(ab)) members pay an individual rate reduced if they are members of a larger group, as for advisers above.
- Share brokers (making investment transactions Section 10(b)FAA and Section 5(k))
- Mortgage Brokers (transactors and advisers Section 10 FAA)
Type 4: Lenders
(Lenders pay fees based on money lent (loan book) as at joining or participation year end)
- Deposit takers (Section 5(b)) including finance companies.
- Finance companies that engage in CCCF lending (Section 5(e)).
- Distributors of CCCF products including retailers selling on credit terms (Section 5(e).)
Type 5: Transactional Service Providers
(Type 5 members pay fees based on the volume of transactions handled annually)
- Credit card operators (Section 5(g))
- Payment cards and electronic money (Section 5(g))
- Funds transfer services (Section 5(f))
- Foreign exchange services (Section 5(j))
Type 6: Insurers
(Section 5(m)) pay fees based on total annual premiums.
Type 7: Investments and Fund Managers
(Fund managers including (Boards of Trustees) pay fees based on funds under management)
- Fund Managers (Section 5(d))
- Superannuation funds (Section 5(d) and (i)(1))
- Boards of Trustees or sole trustees (Section 5(d) and (i)(1))
Type 8: Securities
- Trustee companies engaged in the issue of securities (Section 5(i))
- Investment bankers engaged in the issue of securities (Section 5(i))
- Issuers of securities (Section 5(i)) unless excluded by Section 48(3)(a)
- Issuer of financial guarantees Section 5(h)
