COMP Sch 2 Notification requirements
1. |
The aim of the guidance in the following table is to give the reader a quick overall view of the relevant requirements for notification and reporting. In all cases, other than those concerning Chapters 13,5 14 and 17 and the Transitional Provisions,5 the notification rules in COMP apply only to the 5FSCS (the scheme manager). 5 |
2. |
It is not a complete statement of those requirements and should not be relied on as if it were. |
Handbook reference |
Matter to be notified |
Contents of notification |
Trigger event |
Time allowed |
Annual Report |
Not specified in COMP - see Memorandum of Understanding (MoU) between each regulator10 and FSCS 10 |
End of Financial Year |
Not specified in COMP (see MoU) |
|
Default of relevant person or successor7 |
Not specified - although the FSCS7 must take appropriate steps to ensure claimants are informed about how they can claim compensation |
default of a relevant person or successor7 |
Not specified - but as soon as practicable after determining default |
|
| 3 | Right to exemption for specific costs and compensation costs levy |
Notice that firm does not conduct business that could give rise to a claim on the FSCS and has no reasonable likelihood of doing so |
If it does not, or if it ceases to, conduct business with persons eligible to claim on FSCS, unless it has already given such notice |
None specified though exemption generally only takes effect from the date of receipt of notice by FSCS2 |
| 3 | Loss of right to seek exemption from specific costs & compensation costs levy |
Statement that firm no longer qualifies for exemption because it carries on business with persons eligible to claim on FSCS |
Firm loses the right to claim the exemption. |
As soon as reasonably practicable 2 |
| 3 | Levy base for participant firm |
The contribution groups to which the participant firm belongs. The total amount of business (measured in accordance with the appropriate tariff bases, which it conducted as at 31 December of the previous year) |
The end of the calendar year (the occasion of 31 December every year beginning with 31 December 2001) |
By end February |
| 3 | Participant firms compensation levy for the financial year |
Amount of levy payable by the participant firm |
The decision by the FSCS that it must impose a levy |
30 days before the levy is payable |
COMP 14.2.1R |
Application by eligible inward passporting EEA firm to obtain top-up cover into compensation scheme1 |
That firm is qualifying incoming EEA firm. The sub-scheme(s) the firm wishes to participate in. Confirmation that the level or scope of cover offered by its home state scheme(s) is less than that available in the UK. |
The firm's decision that it wishes to obtain top-up cover into the UK scheme.1 |
N/A |
COMP 14.4.5R |
Termination of top-up cover |
Statement that incoming EEA firm is terminating top-up cover |
Decision by firm to resign from FSCS |
6 months notice |
COMP 14.4.6R |
Termination of inward passporting EEA firm's top-up cover into compensation scheme |
The firm's resignation from the compensation scheme and the level of compensation available to clients of the firm's UK branch following its decision to resign from FSCS |
Termination of firm's top-up cover |
No later than six weeks after the end of the firms participation in compensation scheme4 |
5COMP TP 29R(2) and COMP 17.2.7 R |
Election or revocation of election that the electronic SCV rules do not apply. |
See Matter to be notified |
See Matter to be notified |
Immediately |
5COMP 17.2.7 R (1) |
Election that the electronic SCV rules do not apply. |
See Matter to be notified |
See Matter to be notified |
Immediately |
5COMP 17.2.7 R (1A) |
Revocation of election that the electronic SCV rules do not apply. |
See Matter to be notified |
See Matter to be notified |
Immediately |
4COMP 17.2.7 R (2) |
The firm has operated 5,000 or more accounts held by eligible claimants for two consecutive years, having previously operated less than 5,000 |
See Matter to be notified |
See Matter to be notified |
Immediately |
A firm must provide the PRA10 with an SCV implementation report and SCV report 10 |
See COMP 17.3.6 R (1) or COMP 17.3.6 R (2) as applicable and COMP 17.3.9 R (1) or COMP 17.3.9 R (2) as applicable. |
Receipt of permission to accept deposits or obtaining top-up cover as applicable |
Three months |
|
A firm must provide the PRA10 with an SCV implementation report and SCV report 10 |
See COMP 17.3.6 R (1) or COMP 17.3.6 R (2) as applicable and COMP 17.3.9 R (1) or COMP 17.3.9 R (2) as applicable. |
A material change in the firm's SCV system |
Three months |
|
A firm must provide the PRA10 with an SCV report 10 |
COMP 17.3.9 R (1) or COMP 17.3.9 R (2) as applicable. |
Every four years (starting from 31 December 2010 or the date of receiving permission to accept deposits or in the case of an incoming EEA firm the date of obtaining top-up cover, whichever is later) |
See Trigger Event6 |
|
Election or revocation of election that the electronic SCV rules do not apply |
See Matter to be notified |
See Matter to be notified |
Immediately |