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.

  • 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 A4: Insurance activities – life insurance. Under the proposals your contribution group will move to: the life and pensions provision sub-class.

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. If you do 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 intermediation sub-class for example should refer to Chapter 5 of PS07/19.