Related provisions for FEES 6.5.5

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To access the FCA Handbook Archive choose a date between 1 January 2001 and 31 December 2004 (From field only).

The FSCS may at any time impose a management expenses levy or a compensation costs levy, provided that the FSCS has reasonable grounds for believing that the funds available to it to meet relevant expenses are, or will be, insufficient, taking into account:(1) in the case of a management expenses levy, the level of the FSCS's anticipatedexpenditure in respect of those expenses in the financial year of the compensation scheme in relation to which the levy is imposed; and(2) in
The FSCS must not require a participant firm in the accepting depositssub-scheme to pay a share of a compensation costs levy allocated to that sub-scheme to the extent that:(1) the share in question; plus(2) all previous amounts paid by the firm either as its share of levies allocated to that sub-scheme, or under the Deposit Protection Scheme (deducting from those amounts any amount refunded under FEES 6.3.20 R to FEES 6.3.21 R or by the Deposit Protection Scheme);amounts to more
FEES 6.3.10RRP
The FSCS may include in a compensation costs levy the costs of compensation paid by the FSCS in error, provided that the payment was made in good faith.
FEES 6.3.11RRP
The FSCS must hold any amount collected from a specific costs levy or compensation costs levy to the credit of the sub-schemes and relevant contribution groups, in accordance with the allocation established under FEES 6.4.6 R and FEES 6.5.2 R.
FEES 6.3.17RRP
(1) The FSCS may use any money held to the credit of one sub-scheme (the creditorsub-scheme) to pay compensation costsin respect of or allocated to another sub-scheme (the debtor sub-scheme if the FSCS has reasonable grounds to believe that this would be more economical than borrowing funds from a third party or raising a levy.(2) Where the FSCS acts in accordance with (1), it must ensure that:(a) the creditor sub-scheme is reimbursed by the debtor sub-scheme as soon as possible;(b)
FEES 6.3.20RRP
If the FSCS makes recoveries in relation to protected claims where the related compensation costs were allocated to the accepting depositssub-scheme, or in relation to compensation paid out of a special contribution under the Deposit Protection Scheme, and if the FSCS refunds the recoveries under FEES 6.3.21 R, it must ensure that, as far as possible, the recoveries are refunded to the firms that contributed to the relevant compensation costs levy or special contribution (whether
The FSCS may impose twotypes of levy: a management expenses levy, and a compensation costs levy. In the first three full years of the operation of the compensation scheme, the FSCS may impose an establishment costs levy as part of a management expenses levy. The FSCS has discretion as to the timing of the levies imposed.
In calculating a compensation costs levy, the FSCS may include anticipated compensation costs for defaults expected to be determined in the 12-month period following the date of the levy. The total of all management expenses levies attributable to a financial year will be restricted tothe amount set out on an annual basis in FEES 6 Annex 1 R.
FEES 6.1.14GRP
The compensation costs levy is made up of the compensation costs which the FSCS has incurred and has not yet recovered from participant firms (less any recoveries it has made using the rights that have been assigned to it), together with those compensation costs it expects to incur (including in respect of defaults yet to be declared) over the 12 months following the date of the levy.

The contribution groups and tariff bases for the investment business sub-scheme (see FEES 6.5.7 R (2)). (The contribution groups, legal bases for activity and tariff bases are the same as the correspondingly numbered activity groups and tariff bases set out in 3Part 31 and 3Part 32 of FEES 4 Ann 1R, to the extent that they are covered by the scope of the FSCS3.)


CONTRIBUTION GROUP (references to A7 etc are to the activity groups in part 1 of FEES 4 Ann 1R)

LEGAL BASIS FOR ACTIVITY (this is merely a summary of the basis in part 1 of FEES 4 Ann 1R; references to articles are to articles of the Regulated Activities Order)

TARIFF BASE (this is merely a summary of the base in part 2 of FEES 4 Ann 1R)

Designated investment business

A7 - fund managers

Managing investments (article 37)

Funds under management

Designated investment business

A9 - managers of an AUT, ACDs and depositaries and operators of personal pension schemes or stakeholder pension schemes1

Any of the following: (a) establishing, operating or winding up a collective investment scheme; (b) acting as a trustee of an authorised unit trust scheme; (c) acting as a depositary, or sole director of an open-ended investment company (article 51); (d) establishing, operating or winding up a personal pension scheme or a stakeholder pension scheme.1

Gross income

Designated investment business

A10 - dealing as principal

Dealing in investments as principal (article 14).

Number of traders

Designated investment business

A12 - advisory brokers (excluding corporate finance advisers) - holding either client money or assets

Any of the following: (a) dealing in investments as agent (article 21); (b) arranging (bringing about) deals in investments (article 25(1)); (c) making arrangements with a view to transactions in investments (article 25(2)); with permission to: (i) advise on investments (article 53); (ii) hold client money; and (iii) safeguarding and administering investments (article 40)

Number of approved persons

Designated investment business

A13 - advisory brokers (excluding corporate finance adviser) - not holding either client money or assets

Any of the following: (a) dealing in investments as agent (article 21); (b) arranging (bringing about) deals in investments (article 25(1)); (c) making arrangements with a view to transactions in investments (article 25(2)); with permission to advise on investments (article 53); but not to (i) hold client money; and (ii) safeguard and administer investments (article 40).

Number of approved persons

Designated investment business

A14 - corporate finance advisory firms

Permission includes a requirement that the firm must not conduct designated investment business other than corporate finance business

Number of approved persons

If a firm ceases to be a participant firm part way through a financial year of the compensation scheme:(1) it will remain liable for any unpaid levies which the FSCS has already made on the firm; and(2) the FSCS may make a levy upon it (which may be before or after the firmhas ceased to be a participant firm, but must be before it ceases to be an authorised person) for the costs which it would have been liable to pay had the FSCS made a levy on all participant firms at the time