COMP Sch 2 Notification requirements

COMP Sch 2.1G

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 Chapter8 14 and the Transitional Provisions,5 the notification rules in COMP apply only to the 5FSCS8 (the scheme manager).

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2.

It is not a complete statement of those requirements and should not be relied on as if it were.

COMP Sch 2.2G

Handbook reference

Matter to be notified

Contents of notification

Trigger event

Time allowed

COMP 2.2.5G

Annual Report

Not specified in COMP8 - see Memorandum of Understanding (MoU) between the FCA8 and the FSCS8

99

End of Financial Year

Not specified in COMP8 (see MoU)

COMP 2.2.7R

Default of relevant person or successor7

Not specified - although the FSCS7 must take appropriate steps to ensure claimants are informed about how they can claim compensation

default of a relevant person or successor7

Not specified - but as soon as practicable after determining default

FEES 6.2.1AR8

33

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 FSCS8 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 FSCS8, unless it has already given such notice

None specified though exemption generally only takes effect from the date of receipt of notice by the FSCS8

2

FEES 6.2.4 R3

3

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 2

FEES 6.5.13 R3

3

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 year8

FEES 6.73

3

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

COMP 14.2.1R

Application by eligible inward passporting EEA firm to obtain top-up cover into compensation scheme1

That firm is qualifying incoming EEA firm. The sub-scheme(s) the firm wishes to participate in. Confirmation that the level or scope of cover offered by its home state scheme(s) is less than that available in the UK.

The firm's decision that it wishes to obtain top-up cover into the UK scheme.1

N/A

COMP 14.4.5R

Termination of top-up cover

Statement that incoming EEA firm is terminating top-up cover

Decision by firm to resign from FSCS

6 months notice

COMP 14.4.6R

Termination of inward passporting EEA firm's top-up cover into compensation scheme

The firm's resignation from the compensation scheme and the level of compensation available to clients of the firm's UK branch following its decision to resign from FSCS

Termination of firm's top-up cover

No later than six weeks after the end of the firms participation in compensation scheme4

8

5

8

8

8

8

8

5

8

8

8

8

8

5

8

8

8

8

8

4

8

8

8

8

8

5

8

99

8

8

8

8

5

8

99

8

8

8

8

5

8

99

8

8

8

6

8

6

8

8

8

8