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FCA Handbook
COMP
COMP Sch 2 Notification requirements

COMP Sch 2 Notification requirements

COMP Sch 2.1G31/12/2010

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 Chapters 13,5 14 and 17 and the Transitional Provisions,5 the notification rules in COMP apply only to the 5FSCS (the scheme manager). 5
2.	It is not a complete statement of those requirements and should not be relied on as if it were.

COMP Sch 2.2G01/04/2013

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 each regulator10 and FSCS 10	End of Financial Year	Not specified in COMP (see MoU)
COMP 2.2.7R	Default of relevant person	Not specified - although FSCS must take appropriate steps to ensure claimants are informed about how they can claim compensation	default of a relevant person	Not specified - but as soon as practicable after determining default
FEES 6.2.1 R3 3	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 FSCS, unless it has already given such notice	None specified though exemption generally only takes effect from the date of receipt of notice by FSCS2
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
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 scheme 1	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
5 COMP TP 29R(2) and COMP 17.2.7 R	Election or revocation of election that the electronic SCV rules do not apply.	See Matter to be notified	See Matter to be notified	Immediately
5COMP 17.2.7 R (1)	Election that the electronic SCV rules do not apply.	See Matter to be notified	See Matter to be notified	Immediately
5COMP 17.2.7 R (1A)	Revocation of election that the electronic SCV rules do not apply.	See Matter to be notified	See Matter to be notified	Immediately
4COMP 17.2.7 R (2)	The firm has operated 5,000 or more accounts held by eligible claimants for two consecutive years, having previously operated less than 5,000	See Matter to be notified	See Matter to be notified	Immediately
5COMP 17.3.1 R	A firm must provide the PRA 10 with an SCV implementation report and SCV report 10	See COMP 17.3.6 R (1) or COMP 17.3.6 R (2) as applicable and COMP 17.3.9 R (1) or COMP 17.3.9 R (2) as applicable.	Receipt of permission to accept deposits or obtaining top-up cover as applicable	Three months
5COMP 17.3.2 R	A firm must provide the PRA 10 with an SCV implementation report and SCV report 10	See COMP 17.3.6 R (1) or COMP 17.3.6 R (2) as applicable and COMP 17.3.9 R (1) or COMP 17.3.9 R (2) as applicable.	A material change in the firm's SCV system	Three months
5COMP 17.3.4 R	A firm must provide the PRA 10 with an SCV report 10	COMP 17.3.9 R (1) or COMP 17.3.9 R (2) as applicable.	Every four years (starting from 31 December 2010 or the date of receiving permission to accept deposits or in the case of an incoming EEA firm the date of obtaining top-up cover, whichever is later)	See Trigger Event6
6COMP TP 30 R (2) and COMP 17.2.7 R	Election or revocation of election that the electronic SCV rules do not apply	See Matter to be notified	See Matter to be notified	Immediately