Related provisions for FEES 6.4.5A
1 - 20 of 20 items.
(1) Where8 the FSCS makes recoveries in relation to protected claims where a8 related compensation costs levy8 would have been allocated to a class (class A) had the levy limit for class A not been reached and has been allocated to another class or classes in the retail pool, the recoveries must be applied:8888(a) 8first, to the classes to which the costs levied were allocated in accordance with FEES 6.5A in the same proportion as those classes contributed, up to the total amount
(1) 4This rule applies to the calculation of the levies of a firm (A) if:(a) either:(i) A acquires all or a part of the business of another firm (B), whether by merger, acquisition of goodwill or otherwise; or(ii) A became authorised as a result of B's simple change of legal status (as defined in FEES 3 Annex 1R9 Part 6); (b) B is no longer liable to pay a levy; and(c) that acquisition or change takes place after the date to which, or as of which, A's most recent statement of
Section 213(3)(b) of the Act requires the appropriate regulator to make rules to enable the FSCS to impose levies on authorised persons, and on recognised investment exchanges that are operating a multilateral trading facility or operating an organised trading facility,13 in order to meet its expenses. These expenses include in particular expenses incurred, or expected to be incurred, in paying compensation, borrowing or insuring risks.
Section 224F of the Act enables the appropriate regulator to make rules to enable the FSCS to impose levies on authorised persons (or any class of authorised persons) in order to meet its management expenses incurred if, under Part 15A of the Act, it is required by HM Treasury to act in relation to relevant schemes. But those rules must provide that the FSCS can impose a levy only if the FSCS has tried its best to obtain reimbursement of those expenses from the manager of the
The9 provisions on the allocation of levies to classes9122 meet9 a requirement of section 213(5) of the Act that the FCA12, in making rules to enable the FSCS to impose levies, must take account of the desirability of ensuring that the amount of the levies imposed on a particular class of authorised person reflects, so far as practicable, the amount of claims made, or likely to be made, in respect of that class of person.22229999
The FCA has made rules providing that compensation costs and specific costs attributable to the intermediation classes,12 the investment provision class and the debt management claims class12, which exceed the classlevy limits, may be allocated to the retail pool. Levies allocated to the retail pool are then allocated amongst the other such classes, together with certain classes (known as FCA provider contribution classes) (see FEES 6 Annex 5R)12. The FCA provider contribution
Since a firm that becomes a participant firm in the course of a financial year5 of the compensation scheme will already be obtaining a discount in relation to the base costs levy through the modified fee provisions of FEES 4.2.7ER7, no rule is necessary in FEES 69 for discounts on the base costs levy.119
(1) 22This rule deals with the calculation of:(a) a participant firm'sspecific costs levy in the financial year5 of the compensation scheme5 following the financial year of the compensation scheme5 in which it became a participant firm; or(b) a participant firm'sspecific costs levy in the financial year5 of the compensation scheme5 in which it had its permission extended, and the following financial year of the compensation scheme5; and(c) the tariff base for the classes3 that
The Handbook provisions relating to the IML levy are meant to follow closely the provisions relating to the payment of the periodic fees in FEES 4.3.1R. In the interests of brevity, not all of these provisions are set out again in FEES 13. In some cases, certain FEES 4rules are applied to the payment of the IML levy by individual rules in FEES 13. The rest are set out in the table in FEES 13.2.9R.
The Handbook provisions relating to the CFEB levy are meant to follow closely the provisions relating to the payment of periodic fees under FEES 4.3.1 R In the interests of brevity, not all of these provisions are set out again in FEES 7. In some cases, certain FEES 4 rules are applied to the payment of the CFEB levy by individual rules in FEES 7. The rest are set out in the table in FEES 7.2.9 R.
References in a FEES 4rule incorporated into FEES 7 by cross-reference to a periodic fee should be read as being to the CFEB levy. References in a FEES 4rule incorporated into FEES 7 to market operators, service companies, MTF operators, investment exchanges, or6designated professional bodies should be disregarded.166
Table of FEES 4 rules that correspond to FEES 7 rules
FEES 4 rules |
Corresponding FEES 7 rules |
Part 1 of 6FEES 4 Annex 2A6 |
Part 1 of FEES 7 Annex 11 |
1Part 2 of FEES 4 Annex 11 |
Part 1 of FEES 7 Annex 1 |
1Part 5 of FEES 4 Annex 11 |
Part 1 of FEES 7 Annex 1 |
(1) The Handbook provisions relating to the pensions guidance levy are meant to follow closely the provisions relating to the payment of periodic fees payable by an authorised person under FEES 4.(2) As such, the table in FEES 10.5.4 R lists rules in FEES 4 that also apply, in a modified form, to the pensions guidance levy.
Table of rules in FEES 4 that also apply in FEES 10.
FEES 4 incorporated into FEES 10 |
Description |
Modifications |
Method of payment |
none |
|
Modifications for persons becoming subject to periodic fees during the course of a fee year |
none |
|
Calculating the fee in the firm’s first year of authorisation |
none |
|
Calculating fees in the second fee-year where the firm received permission between 1 January and 31 March in its first fee year |
none |
|
Calculating all other fees in the second and subsequent years of authorisation where a full year of tariff data is not available |
none |
|
How FEES 4.2.7 R applies to an incoming EEA firm or an incoming Treaty firm |
none |
|
Fee payers ceasing to hold relevant status or reducing the scope of their permission after start of relevant period |
Reference to column (1) of the table in FEES 4.2.11 R is a reference to FEES 10.1.2 G |
|
Groups of firms |
Reference to FEES 4.2.1 R is a reference to FEES 10.2.1 R. |
|
Firms applying to cancel or vary permission before start of period |
Reference toFEES 4.2.1 R is a reference to FEES 10.2.1 R. |
|
Reference to FEES 4.2.7ER to FEES 4.2.7KR2 is a reference to FEES 10.2.5 R Reference to FEES 4.2.1 R is a reference to FEES 10.2.1 R |
||
Information on which fees are calculated |
none |
If a firm ceases to be a participant firm or carry out activities within one or more classes54 part way through a financial year6 of the compensation scheme:44(1) it will remain liable for any unpaid levies which the FSCS has already made on the firm; and41(2) the FSCS may make one or more levies4 upon it (which may be before or after the firm5 has ceased to be a participant firm or carry out activities within one or more classes5,4 but must be before it ceases to be an authorised
(1) FEES applies to all persons required to pay a fee or levy under a provision of the Handbook. The purpose of this chapter is to set out to whom the rules and guidance in FEES apply. 30(2) FEES 2 (General Provisions) contains general provisions which may apply to any type of fee payer.30(3) FEES 3 (Application, Notification and Vetting Fees) covers one-off fees payable on a particular event for example:3330(a) 33various application fees (including those in relation to authorisation,
The following rules in FEES apply to VJ participants as part of the standard terms, but substituting 'VJ participant' for 'firm':(1) FEES 2.2.1 R (late payment) but substituting 'FOS Ltd' for 'the FCA';2121(2) FEES 2.3.1 R and 2.3.2 R (remission of fees);(3) [deleted]24(4) FEES 5.3.6 R (general levy) but substituting:(a) 'Voluntary Jurisdiction' for 'Compulsory Jurisdiction' ; and(b) 'FOS Ltd' for 'the FCA';2121(5) FEES 5.3.8 R (calculation of general levy) but substituting:24(a)
(1) 1This rule deals with the calculation of:(a) a firm'sgeneral levy in the 12 months ending on the 31 March in which it obtains permission, or was authorised under the Payment Services Regulations or the Electronic Money Regulations4or had its permission and/or payment services activities extended (relevant permissions)3 and the following 12 months ending on the 31 March;3 and33(b) the tariff base for the industry blocks that relate to each of the relevant permissions3.3(2)
(1) A firm must provide the FCA by the end of February each year (or, if the firm has become subject to the Financial Ombudsman Service part way through the financial year, by the date requested by the FCA) with a statement of:(a) the total amount of relevant business (measured in accordance with the appropriate tariff base(s)) which it conducted; or8(b) in the case of firms in industry blocks 2 and 4, the gross written premium for fees purposes as defined in FEES 4 Annex 1AR
(1) 21This rule applies if: (a) a firm (A)(i) (A) acquires all or a part of the business of another firm (B), whether by merger, acquisition of goodwill or otherwise; and(B) would be required to pay a periodic fee in the fee year in which the acquisition takes place; or(ii) becomes authorised or registered as a result of another firm’s (B) simple change of legal status (as defined in FEES 3 Annex 1R Part 6); and(b) had that acquisition or simple change of legal status (or any