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FEES 3 Annex 11 Guidance on fees due under FEES 3.2.7R and FEES 3.2.7AR4

G

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) 2 for the same transaction should expect to be treated.

4242

(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.

4242

(2)

Where the situation described in (1) arises, the 2FCA will consider whether to reduce or remit a fee under FEES 2.3 (Relieving Provisions).

2