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Status: You are viewing the version of the handbook as on 2016-02-03.

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) in respect of fees payable to the FCA and FEES 3.2.7AR(e) and FEES 3.2.7AR(d) in respect of fees payable to the PRA3 for the same transaction should expect to be treated.

Firms liable under both FEES 3.2.7R(s) and FEES 3.2.7R(ze) in respect of fees payable to the FCA and FEES 3.2.7AR (e) and FEES 3.2.7AR(d) in respect of fees payable to the PRA3

(1)

The transferor in insurance business transfer schemes is liable to pay the fee set out in FEES 3.2.7 R (s) and/or FEES 3.2.7AR(e)3. However, it may also be liable to pay the Special Project Fee for restructuring set out in FEES 3.2.7 R (ze) and/or FEES 3.2.7AR(d)3, 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.

(2)

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