Status: You are viewing the version of the handbook as on 2018-04-01.

FEES TP 18 1Transitional provisions relating to changes to the FSCS levy arrangements taking effect in 2018/19

(1)

(2)

Material to which the transitional provision applies

(3)

(4)

Transitional provision

(5)

Transitional provision: dates in force

(6)

Handbook provisions coming into force

2Reporting requirements

18.1

FEES 6.5.13R

R

For the purposes of statements provided by participant firms under FEES 6.5.13R before 1 April 2018 and with respect to the financial year of the compensation scheme beginning on 1 April 2018, references in FEES 6.5.13R to classes must be read as references to classes to which firms will belong after 31 March 2018; and references to tariffs must be read as references to tariffs as in force after 31 March 2018.

From 30 October 2017 to 31 March 2018

1 April 2018

2Managing investments in relation to structured products

118.2

FEES 6 Annex 3AR

R

Any reference to managing investments in FEES 6 Annex 3AR shall not include managing investments in relation to structured deposits before 1 April 2018.

From 3 January 2018 to 31 March 2018

1 April 2018

2Matters arising before 1 April 2018

2[18.3 to follow from 1 April 2018]

118.3

The changes made to FEES 6 by the Financial Services Compensation Scheme (Funding and Scope) Instrument 2017

R

The changes in column (2) apply to any levy made after 31 March 2018. This is so even if:

(1) the claim against the relevant person or successor in default arose or relates to circumstances arising before that date; or

(2) the relevant person or successor was in default before that date.

From 1 April 2018 indefinitely

1 April 2018

22017/18 financial year: compensation levies

218.4

FEES 6.3.1R(3), 6.1.6G, and 6.1.14G

R

In relation to an interim compensation costs levy within the 2017/18 financial year of the compensation scheme, the FSCS must take into account the FSCS’s expenditure in respect of compensation costs expected in the period until 30 June 2018 instead of expenditure expected in the periods in the provisions in column (2).

From 23 February 2018 to 31 March 2018

Already in force

22018/19 financial year: levies and levy limits

218.5

FEES 6.3.1R(3), 6.1.6G and 6.1.14G

R

In relation to a compensation costs levy for the 2018/2019 financial year of the compensation scheme, the FSCS must take into account:

(1) the FSCS’s expenditure in respect of compensation costs expected between 1 July 2018 and 31 March 2019; or, if greater

(2) 75% of one third of the compensation costs expected in the 36 months following 1 April 2018,

instead of expenditure expected in the periods in the provisions in column (2).

From 1 April 2018 to 31 March 2019

Amended from 1 April 2018

218.6

FEES 6.3.5R, 6.5A.1R, 6.5A.4R, 6.5A.5R, 6 Annex 2R, and 6 Annex 5R

R

In the 2018/19 financial year of the compensation scheme, the maximum aggregate amount of compensation costs and specific costs that may be allocated to a particular class, whether directly or (where relevant to that class) through the retail pool, is:

(1) 75% of the amount of the limit for each class as set out in FEES 6 Annex 2R; and

(2) for FCA provider contribution classes, 75% of the amount of the retail pool levy limit for each class as set out in FEES 6 Annex 5R.

From 1 April 2018 to 31 March 2019

Amended from 1 April 2018

218.7

FEES 6.3.1R(3), 6.1.6G and 6.1.14G, 6.3.5R, 6.5A.1R, 6.5A.4R, 6.5A.5R, 6 Annex 2R, and 6 Annex 5R

R

TP 18.5 and 18.6 do not apply in respect of levies imposed on the debt management claims class.

From 1 April 2018 to 31 March 2019

From 1 April 2018 to 31 March 2019

218.8

FEES 6.7.-1R

R

FEES 6.7.-1R does not apply to levies imposed in the 2018/2019 financial year of the compensation scheme.

From 1 April 2018 to 31 March 2019

Amended from 1 April 2018