Capital adequacy for mortgage and protection firms is the higher of £5,000 or 2.5% of the annual income from insurance and mortgage business.
Capital adequacy for firm wanting the pensions and investment permissions is the higher of £20,000 or 5% of relevant income i.e. regulated income.
The firm will need to provide: -
Application to the regulator will be charged at £1750 + VAT.
The regulator will also charge £2500 + VAT for the application.