general information

 

Our overview for small firms gives background and highlights the main points in the Policy Statement.

The important sections of paper for you to read are:

  • Chapter 3 – the new funding model and where your firm will fit in.

  • Chapter 4 – how much each sub-class would be expected to pay especially the table within 'Our response' after paragpah 4.10.

  • Chapter 7 - will help you estimate the amount of compensation you may be required to pay in the proposed scheme.

Currently, your firm is likely to be in FSCS contribution group A19 (general insurance mediation). Under the proposals your contribution group will move to: the general insurance intermediation sub-class.

If you do business in other contribution groups you will also pay a fee for those, but this will be proportionate to the amount of income you receive from this business. The tariff measure for general insurance intermeidaries will remain as annual eligible income. If you carry on business in any other sub-class you may need to submit other information. Firms who will also be in the life and pensions or investment intermediation sub-classes should refer to Chapter 5 of our Policy Statement PS07/19.