FPCOB 15.8 Calculation of annual income

Annual income

FPCOB 15.8.1R

1A firm’s annual income refers to all income received or receivable, whether arising from the firm’s permitted activities or not, as reported in its most recent audited annual financial statements.

Annual income: periods of less than 12 months

FPCOB 15.8.2R

1If the firm’s most recent annual financial statement does not cover a 12-month period, the annual income is taken to be the amount in the statement converted, proportionally, to a 12-month period.

Annual income: no financial statements

FPCOB 15.8.3R

1If the firm does not have annual financial statements, the annual income is to be taken from the forecast or other appropriate accounts which the firm has submitted to the FCA in accordance with its reporting obligations in SUP 16.12.

FPCOB 15.8.4R

1If a firm is a principal, its annual income includes amounts due to its appointed representative in respect of activities for which the firm has accepted responsibility.

FPCOB 15.8.5R

1If a firm is a network, it should include the relevant income due to all of its appointed representatives in its annual income.