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FEES 3 Annex 11 Guidance on fees due under FEES 3.2.7R and FEES 3.2.7AR3

G

1The following table sets out guidance on how a firm liable to pay a fee under both FEES 3.2.7 R (s) and FEES 3.2.7 R (ze) 2 for the same transaction should expect to be treated.

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(1)

The transferor in insurance business transfer schemes is liable to pay the fee set out in FEES 3.2.7 R (s). However, it may also be liable to pay the Special Project Fee for restructuring set out in FEES 3.2.7 R (ze), calculated in accordance with FEES 3 Annex 9. It is possible then for a firm to have to pay two types of fees in respect of the same insurance business transfer scheme.

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(2)

Where the situation described in (1) arises, the 2FCA will consider whether to reduce or remit a fee under FEES 2.3 (Relieving Provisions).

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