FEES 3 Annex 11 Guidance on fees due under FEES 3.2.7R
1The following table sets out guidance on how a firm liable to pay a fee under both FEES 3.2.7 R (s) and FEES 3.2.7 R (ze) for the same transaction should expect to be treated.
Firms liable under both FEES 3.2.7R(s) and FEES 3.2.7R(ze)
(1) |
The transferor in insurance business transfer schemes is liable to pay the fee set out in FEES 3.2.7 R (s). However, it may also be liable to pay the Special Project Fee for restructuring set out in FEES 3.2.7 R (ze), calculated in accordance with FEES 3 Annex 9. It is possible then for a firm to have to pay two types of fees in respect of the same insurance business transfer scheme. |
(2) |
Where the situation described in (1) arises, the FSA will consider whether to reduce or remit a fee under FEES 2.3 (Relieving Provisions). |