| 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 the Transitional Provisions, the notification rules in COMP apply only to the FSCS (the scheme manager). |
| 2. | It is not a complete statement of those requirements and should not be relied on as if it were. |
COMP Sch 2 Notification requirements
You are viewing COMP Sch 2 Notification requirements as of . COMP Sch 2 Notification requirements was last updated on 01/01/2021.
COMP Sch 2 Notification requirements
01/01/2021G
01/01/2021G
| Handbook reference | Matter to be notified | Contents of notification | Trigger event | Time allowed |
|---|---|---|---|---|
| COMP 2.2.5G | Annual Report | Not specified in COMP - see Memorandum of Understanding (MoU) between the FCA and the FSCS | End of Financial Year | Not specified in COMP (see MoU) |
| COMP 2.2.7R | Default of relevant person or successor | Not specified - although the FSCS must take appropriate steps to ensure claimants are informed about how they can claim compensation | default of a relevant person or successor | Not specified - but as soon as practicable after determining default |
| FEES 6.2.1AR | 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 the FSCS, unless it has already given such notice | None specified though exemption generally only takes effect from the date of receipt of notice by the FSCS |
| FEES 6.2.4 R | 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 |
| FEES 6.5.13 R | 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 or the date requested by the FCA where the firm becomes a participant firm part way through the financial year |
| FEES 6.7 | 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 |