There are two fees payable for TeX membership, a joining fee and an annual membership fee.
What is the TeX joining fee?
The TeX joining fee is a one-off fee of £6,000 (£5,000 plus £1,000 VAT) for all individual entities or corporate groups intending to register with TeX and move towards electronic messaging to facilitate transfers.
The joining fee is payable when a company submits a completed TeX joining form.
What are the annual membership fees for TeX?
There are four types of annual membership fee for TeX for full TeX members.
Annual membership fees payable are dependent on the membership category of the firm registering with TeX:
- Service Provider £4,080 (£3,400 plus £680 VAT)
- Product provider (exceptions)
- ISA manager
- Platform service provider (as defined by FCA)
- Asset Manager £2,724 (£2,270 plus £454 VAT)
- A firm responsible for the maintenance of a fund’s register of holders and repurchasing of units that are to be redeemed
- Fund manager offering an ISA wrapper including only their own funds
- Multi-Role Member £6,804 (£5,670 plus £1,134 VAT)
- Both a service provider and an asset manager
- Pension Provider – This registration is free to all members who currently have an active membership under the above listed categories. If you are not currently registered the annual fee for this category is £2,724 (£2,270 plus £454 VAT).
- A party responsible for the provision and administration of a Pension Scheme
- If one is appointed for the relevant Pension Scheme, the Pension Administrator
The first annual membership fee is payable when a company submits a completed TeX registration form.
If a company has none of the appropriate permissions and does not have a contractual relationship with any underlying client, they can apply to be an associate.
What are Associates?
If a company is not a service provider, asset manager, pension provider or multi-role member they would become Associates.
Associates do not sign up to the legal terms as the firm does not carry liability for the underlying client, but do sign up to a side letter which includes terms on Confidentiality, Liabilities and Termination, the glossary and Associate Privacy & Competition Policies.
Associates are able to join any of the Advisory Councils but do not have the right to vote on any issue.
The fees for Associates are a £2,400 (£2,000 plus £400 VAT) one-off joining fee and a £1,356 (£1,130 plus £226 VAT) annual membership fee payable when a company submits a completed appointment letter.
Does each company registering need to pay an annual membership fee?
In this example, one joining fee of £6000 would be payable on behalf of the corporate group (ABC Group) with five annual membership fees payable, 2 for marketing group A, 1 for marketing group B and 2 for marketing group C. This pension registration is free to all members who currently have another active membership under one of the other categories. Otherwise the standalone annual fee for this category is £2,724 (£2,270 plus £454 VAT).
When is the TeX membership year?
The TeX membership year runs from 1st July to 30th June.
What is the process for ongoing annual membership fees?
Invoices will be issued annually on 1st May for the next membership year.
All invoices are payable by 30th June to ensure continued TeX membership, any invoices not paid in full by 30th June may result in termination of TeX membership.
