FEES 3 Annex 10C PPI campaign fees
(1) |
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(1) |
A firm must pay a PPI campaign fee calculated in accordance with (2) if it has: |
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(a) |
reported over 100,000 complaints cumulatively under question 17(A) (payment protection insurance – advising, selling and arranging) of the complaints return form in DISP 1 Annex 1R; and |
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(b) |
reported those complaints from 1 August 2009 up to and including 1 August 2015. |
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(2) |
The PPI campaign fee is calculated by multiplying the number of complaints cumulatively reported to the FCA under question 17(A) of DISP 1 Annex 1R for the firm from 1 August 2009 up to and including 1 August 2015 by £3.64. |
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(2) |
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(1) |
A firm’s PPI campaign fee will be a proportion of the total amount of costs the FCA has estimated it will incur in running the consumer communications campaign highlighting the introduction of the two-year PPI complaints deadline. |
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(2) |
(a) |
The FCA will invoice the PPI campaign fee in equal amounts over two years. |
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(b) |
The FCA will invoice the first part of the fee during the month following FEES 3 Annex 10C coming into force and will invoice the second part one calendar year later. |
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(3) |
The FCA will write to each firm that meets the test at FEES 3 Annex 10C(1)R(1) before sending out its first invoice, setting out: |
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(a) |
the number of complaints reported to the FCA under question 17(A) of DISP 1 Annex 1R for that firm from 1 August 2009 up to and including 1 August 2015; and |
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(b) |
the basis on which it has calculated the PPI campaign fee for that firm. |
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(4) |
Any amounts raised that are in excess of the actual cost of the PPI consumer communications campaign will be refunded to fee payers under FEES 3 Annex 10C on a pro rata basis. |
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(3) |
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References in this annex to question 17A in the complaints return form at DISP 1 Annex 1R are to that question as it existed on 1 August 2015, and to any corresponding question in previous versions of that form. |