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FEES TP 9 Transitional arrangements in relation to amendments introduced by the Compensation Sourcebook (Investments by Large Unincorporated Associations and Certain Large Partnerships) Instrument 2013

13/12/2013
9.1Introduction
9.1.1GFEES TP 9 deals with transitional arrangements relating to the calculation of annual eligible income under FEES 6.5.13 R in the light of the introduction of the Compensation Sourcebook (Investments by Large Unincorporated Associations and Certain Large Partnerships) Instrument 2013, which came into force on 13 December 2013 (the "Instrument").
9.1.2GThe definition of annual eligible income allows for it to be calculated in one of two ways from annual income: "(a) only include such annual income if it is attributable to business conducted with or for the benefit of eligible claimants and is otherwise attributable to compensatable business ["Method (a)"]; or (b) include all such annual income".
9.2Scope
9.2.1R

FEES TP 9 applies to a participant firm providing a statement to the FSCS in accordance with FEES 6.5.13 R:

 

(a) in respect of the participant firm's financial year ended in the year to 31 December 2013; and

 

(b) which was a member of class C2, D1 and/or D2 in 2013; and

 

(c) which states its total amount of business in relation to those classes based on a calculation of its annual eligible income using Method (a).

9.3Firms whose financial years end in the period 1 January 2013 to 12 December 2013
9.3.1GA participant firm, whose financial year ended in the period 1 January 2013 to 12 December 2013, does not need to include in its calculation of annual eligible income the annual income attributable to business conducted with or for the benefit of eligible claimants who only became eligible claimants as a result of the Instrument.
9.4Firms whose financial years end in the period 13 to 31 December 2013
9.4.1R

A participant firm, whose financial year ended in the period 13 to 31 December 2013, may calculate its annual eligible income by any of the following methods:

 

(a) include the annual income attributable to business conducted with or for the benefit of eligible claimants who only became eligible claimants as a result of the Instrument;

 

(b) do not include the annual income attributable to business conducted with or for the benefit of eligible claimants who only became eligible claimants as a result of the Instrument; or

 

(c) include only that part of the annual income attributable to business conducted with or for the benefit of eligible claimants who became eligible claimants as a result of the Instrument that is attributable to the period from 13 December 2013 to the end of the participant firm's financial year.