FEES 3 Annex 10C PPI campaign fees

(1)

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(1)

A firm must pay a PPI campaign fee calculated in accordance with (2) if it has:

(a)

reported over 100,000 complaints cumulatively under question 17(A) (payment protection insurance – advising, selling and arranging) of the complaints return form in DISP 1 Annex 1R; and

(b)

reported those complaints from 1 August 2009 up to and including 1 August 2015.

(2)

The PPI campaign fee is calculated by multiplying the number of complaints cumulatively reported to the FCA under question 17(A) of DISP 1 Annex 1R for the firm from 1 August 2009 up to and including 1 August 2015 by £3.64.

(2)

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(1)

A firm’s PPI campaign fee will be a proportion of the total amount of costs the FCA has estimated it will incur in running the consumer communications campaign highlighting the introduction of the two-year PPI complaints deadline.

(2)

(a)

The FCA will invoice the PPI campaign fee in equal amounts over two years.

(b)

The FCA will invoice the first part of the fee during the month following FEES 3 Annex 10C coming into force and will invoice the second part one calendar year later.

(3)

The FCA will write to each firm that meets the test at FEES 3 Annex 10C(1)R(1) before sending out its first invoice, setting out:

(a)

the number of complaints reported to the FCA under question 17(A) of DISP 1 Annex 1R for that firm from 1 August 2009 up to and including 1 August 2015; and

(b)

the basis on which it has calculated the PPI campaign fee for that firm.

(4)

Any amounts raised that are in excess of the actual cost of the PPI consumer communications campaign will be refunded to fee payers under FEES 3 Annex 10C on a pro rata basis.

(3)

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References in this annex to question 17A in the complaints return form at DISP 1 Annex 1R are to that question as it existed on 1 August 2015, and to any corresponding question in previous versions of that form.