(1) The Financial Conduct Authority ("the FCA") may make rules providing for the payment to it of such fees, in connection with the discharge of any of its qualifying functions, as it considers will (taking account of its expected income from fees and charges provided for by any provision of the Act other than sections 137SA, 137SB and 333T [Sections 137SA and 137SB was inserted by sections 13 and 14 of the Financial Guidance and Claims Act 2018 (c.10). Section 333T was inserted by section 29 of the Bank of England and Financial Services Act 2016 (c.14).]) enable it -

(a) to meet expenses incurred in carrying out the functions conferred on it by or under the Act [The reference to the FCA's functions conferred by or under the Act is to be read in accordance with section 1A(6) of the Act (see section 3T(a) of the Act). Sections 1A and 3T were inserted by section 6 of the Financial Services Act 2012 and section 1A(6) was amended by S.I. 2013/1773, S.I. 2018/1115, these Regulations and paragraph 6 of Schedule 3 to the Financial Guidance and Claims Act 2018.], other than its excepted functions, or for any incidental purpose,

(b) to repay the principal of, and pay any interest on, any relevant borrowing and to meet relevant commencement expenses, and