The Security Industry Authority (SIA) has reduced the cost of its fees by £6 in response the cost of living crisis.

From 6 April 2023, the cost of applying for an individual SIA licence for any sector in the regulated private security industry will be reduced to £184.

The reduction applies to both new applicants and those renewing existing licences.

Licence holders applying for an additional licence after this date will pay 50% of the new reduced fee.

The reduction has been possible due to various efficiency and cost savings the SIA has made.

SIA Chief Executive Michelle Russell said: “The licence payers and public rightly expect us to be as efficient and as economic as possible, providing value for money for those we regulate, while delivering on key public safety agendas.

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“We recognise that £6 may feel like a small amount to many, but in the context of the cost-of-living challenges, for some, every pound counts.

“This latest reduction brings the licence fee down to less than it was 19 years ago when licensing was first introduced.

“We remain committed to regulating the private security industry effectively and efficiently keeping the cost to licence holders as low as possible.”

The SIA claims: “These savings have also enabled the SIA to increase its resourcing for its inspection and enforcement work, bolstering its footprint and visibility across the UK without increasing the licence fee.

“The SIA has doubled the number of staff working in intelligence, inspections, and criminal investigations.

“The £6 reduction is on top of the existing £20 reduction in fees funded from previous historical surpluses under a rebate scheme approved by the Treasury, which will continue until 2026.

“It also represents a three percent efficiencies savings in the SIA’s operational costs. The SIA has committed to continue to work hard on further costs savings and efficiencies to keep the licence fee as low as possible.”