general information

 

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

The important sections of PS07/19 for you to read are:

  • Chapter 3 – the new funding model and where your firm will fit in (especially paragraphs 3.1 to 3.3 and 3.15 to 3.17).

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

  • Chapter 5 – the tariffs we will operate between 1 April 2008 and 31 March 2009 showing how we will calculate how much your firm will pay.

  • 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 groups A7, A12, or A13. A7 is fund managers. A12 is advisory brokers (excluding corporate finance advisers) holding either client money or assets). A13 is (advisory brokers (excluding corporate finance advisers) not holding client money / assets). Under the proposals your main contribution group will move to: the investment intermediation or investment fund management sub-classes.

If you do business in other contribution groups (for example life and pensions intemediation) you will also pay a fee for those, but this will be proportionate to the amount of income you receive from this business.