Related provisions for FEES 6.7.1
1 - 2 of 2 items.
If a firm ceases to be a participant firm or carry out activities within one or more sub-classes4 part way through a financial year4 of the compensation scheme:4(1) it will remain liable for any unpaid levies which the FSCS has already made on the firm; and41(2) the FSCS may make one or more levies4 upon it (which may be before or after the firmhas ceased to be a participant firm or carry out activities within one or more sub-classes,4 but must be before it ceases to be an authorised
Section 223 of the Act (Management expenses) prevents the FSCS from recovering, through a levy, any management expenses attributable to a particular period in excess of the limit set in COMP as applicable to that period. 'Management expenses' are defined in section 223(3) to mean expenses incurred or expected to be incurred by the FSCS in connection with its functions under the Act, except:(1) expenses incurred in paying compensation;5(2) expenses incurred as a result of the FSCS