The Financial Conduct Authority (FCA) has announced its planning to increase the fees for third country auditors by 10%.
Third country auditors are, as referred to by UK law, auditors that audit the accounts of companies from third countries issuing securities on regulated markets in the country.
Registration fees for third country auditors will rise to £85 per year.
For businesses auditing nine or fewer clients the full registration fee will be £2,357 for full registration and for auditors of more than 10 businesses, £5,765.
Policy affecting third country auditors is in place to ensure consistent standards are being applied for overseas auditors who are providing audit opinions on overseas companies listed on the main UK exchange, as their audit opinions are being relied on by UK investors.
A consultation on the proposal is seeking views from firms who will be affected by it, as well as other parties involved in the sector.
The consultation closes on 15 March, 2021.