ARTICLE · 07 JUNE 2018

Financial Services Compensation (FSCS) Levy

Duff and Phelps

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The Financial Conduct Authority (FCA) recently contacted several firms that currently claim an exemption from the Financial Services Compensation (FSCS) levy.

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The Financial Conduct Authority (FCA) recently contacted several firms that currently claim an exemption from the Financial Services Compensation (FSCS) levy. The rules have changed, and firms now need to consider when undertaking Protected Investment Business whether they have eligible income derived from underlying investors in collective investment schemes (CIS) they manage.

Please note that the FCA requires firms to respond by June 6, 2018 and either confirm that the exemption is still valid with an explanation why, or if not, report eligible income for 2017.

FCA Rule COMP 12A.3, which came into effect in April 2018, aims to bring greater consistency and clarity to when the FSCS can compensate investors in CIS’s if an operator, investment manager, manager or depositary is declared in default.

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