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FEES 5 Annex 4R Definition of annual income for the purposes of the FOS general levy where the firm is a claims management company



Annual income definition

Income is defined as turnover.

“Turnover” means the sum of the amounts paid to, or received by, an authorised claims management company in respect of regulated claims management activities in Great Britain, including:

(a) charges, commission, the share of any compensation, fees and subscriptions;

(b) the monetary value of any services received by the claims management company where it makes no payment for those services or where the payment received is worth less than the monetary value of the services; and

(c) the monetary value of any advertising in respect of the claims management company that it has not paid for out of funds referred to in sub-paragraphs (a) and (b).