Types of Membership & Associated Fees with FDRC UK

Types of Membership & Associate Fees with FDRC UK

At The Financial Dispute Resolution Commission (FDRC UK), we offer various membership options to suit your unique needs. Our operational funding primarily comes from our Scheme Members, and our membership structure encompasses three distinct types.

Group Service Providers:

If you or your organization is part of an umbrella group, such as a franchise or license consortium, you may be eligible for Group Service Provider membership. This option allows for the distribution of overall membership expenses among all affiliated members, thereby reducing the per-member cost. If your organization comprises multiple companies offering financial services, you can choose to join FDRC as a Group Service Provider. This involves completing a single Application Form along with an Organization Schedule.

In cases where any of the companies within your group employ or contract advisers, each such company will need to complete a distinct Application Form and a separate Adviser Schedule. Furthermore, individual advisers within the group must also submit individual Application Forms to be assigned their respective membership numbers.

To ascertain your eligibility or seek clarification on your status, we recommend reaching out to your parent organization or primary provider. If you have any inquiries, please do not hesitate to contact FDRC UK at +44 844 774 7710.

Organization:

If your entity includes advisers, you must complete an Application Form and an Adviser Schedule. Additionally, each individual adviser is required to submit an Application Form to secure their unique membership number.

Individuals operating as financial service providers or advisers are expected to complete an individual Application Form.

Membership within each of these categories is further delineated into six distinct subcategories:

Category 1 – Qualifying Financial Services Entities – QFSE

Category 2 – Financial Intermediaries or Financial Broker Business (individual or organization) – FIFB

Category 3 – Insurers and Insurance Agency Organization – IIAO

Category 4 – Lenders, Trust and Non-bank Deposit Takers – LTDT

Category 5a – Other Financial Service Providers – OFSA

Category 5b – Other Financial Service Providers – OFSB

Category 6 – Crowdfunders and Peer-to-Peer Lenders – CPPL

In cases where your entity falls within two or more membership categories, the applicable fee is determined by the category that contributes the highest percentage of your total revenue.

Membership Fees & Billing:

Membership fees are invoiced in July for the forthcoming 12-month period, with payment due by 20 August. It’s crucial to be aware that failure to pay membership and/or complaint fees may result in the termination of FDRC UK membership. You can access detailed Fee Rules by downloading them here.

For any questions or assistance, please do not hesitate to contact us at +44 844 774 7710.

Membership Fees per Annum (All fees are exclusive of GST):

Category 1 – Qualifying Financial Services Entities (excluding insurers, deposit takers, lenders, and registered banks)

QFSE Fee Structure: Per adviser employee or nominated representative: GBP 680 (Maximum fees to GBP 960); Maximum fee: GBP 6,800

Category 2 – Financial Intermediaries or Financial Broker Business (Individual or Organization – Non-QFSE Membership)

FIFB Fee Structures: FI Fee per Intermediary: GBP 2,680; FIFB Fee per Organization: GBP 13,500

Category 3 – Insurers and Insurance Agency Organization

IIAO Fee Structure: Insurers: GBP 133,500

Category 4 – Lenders, Trust and Non-bank Deposit Takers (Including entities providing credit under a credit contract or acting as a creditor under a credit contract)

Fee Structures (Advance to Retail Clients/Book Value): Less than $10 million: GBP 15,500; Greater than $10 million: GBP 23,750; Registered banks

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