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DISP 5.5 Information requirement

DISP 5.5.1R
  1. (1)

    A firm must provide the FSA 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 FSA) 3with a statement of the total amount of relevant business (measured in accordance with the appropriate tariff base(s)) which it conducted, as at or in the year to 31 December of the previous year as appropriate, in relation to the tariff base for each of the relevant industry blocks set out in part 2 of DISP 5 Annex 1R R.

  2. (2)

    Paragraph (1) does not apply if the firm pays a general levy on a flat fee basis only.

  3. (3)

    If a firm cannot provide a statement of the total amount of relevant business as required by DISP 5.5.1 R, it must provide the best estimate of the amount of relevant business that it conducted.

  4. (4)

    For the purpose of DISP 5.5.1 R, references to relevant business for a firm which falls in industry block 16 or 17 and which so elects under part 2 of DISP 5 Annex 1R R, are references to the firm's total amount of annual income reported in accordance with Part 2 of SUP 20 Ann 1.2

  5. (5)

    If a firm does not submit a complete statement by the date on which it is due in accordance with this rule and any prescribed submission procedures:3

    1. (a)

      the firm must pay an administrative fee of £250 (but not if it is already subject to an administrative fee under SUP 20 Annex 2 Part 1 or COMP 13.6.14 R for the same financial year); and3

    2. (b)

      the general levy and any supplemental levy will be calculated using (where relevant) the valuation or valuations of business applicable to the previous period, multiplied by the factor of 1.10 (or, if a firm has become subject to the Financial Ombudsman Service part way through the financial year, on the basis of the information provided to FSA for the purposes of SUP 20.3.2 R) or on any other reasonable basis, making such adjustments as seem appropriate in subsequent levies once the true figures are known.3

DISP 5.5.1AG

3Failure to submit a statement in accordance with the rules in this chapter may also lead to the imposition of a financial penalty and other disciplinary sanctions (see ENF 13.5).

DISP 5.5.2G

SUP 16.3 (General provisions on reporting) contains further rules on the method of submission of reports under DISP 5.5.1 R.

DISP 5.5.2AG

1A firm should not provide a statement of relevant business if it deals only with eligible complainants who are not private individuals. Relevant business is defined in the Glossary as business done with private individuals only. So DISP 5.5.1 R does not apply in relation to business done with other types of eligible complainant described in DISP 2.4.3 R (1)(b), (c) and (d); the funding of FOS Ltd in relation to that business is by special case fee only (see DISP 5.6.6 R).