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FEES 6.2 Exemption

FEES 6.2.1R
  1. (1)

    A participant firm which does not conduct business that could give rise to a protected claim by an eligible claimant and has no reasonable likelihood of doing so is exempt from a specific costs levy, or a compensation costs levy, or both, provided that:

    1. (a)

      it has notified the FSCS in writing that those conditions apply; and

    2. (b)

      the conditions in fact continue to apply.

  2. (2)

    The exemption takes effect from the date on which the notice was received by the FSCS, subject to FEES 6.2.6 R.

FEES 6.2.2RRP

FEES 6.2.1 R does not apply to a participant firm that may be subject to a claim under COMP 3.2.4 R.

FEES 6.2.3GRP

A participant firm to which FEES 6.2.2 R applies must report annual eligible income in accordance with FEES 6.5.13 R. Such a participant firm may take advantage of the option to report its annual income attributable to business conducted with or on behalf of eligible claimants.

FEES 6.2.4RRP

A participant firm which is exempt under FEES 6.2.1 R must notify the FSCS in writing as soon as reasonably practicable if the conditions in FEES 6.2.1 R no longer apply.

FEES 6.2.5G

A participant firm to which the conditions in FEES 6.2.1 R no longer apply will then become subject to FEES 6.3.

FEES 6.2.6RRP
FEES 6.2.7GRP

The financial year of the compensation scheme is the twelve months ending on 31 March.

FEES 6.2.8RRP

1For the purposes of FEES 6.2.1 R a participant firm will only be exempt from a specific costs levy or compensation costs levy for any given financial year if it met the conditions in FEES 6.2.1 R on 31 March of the immediately preceding financial year.