Secondary

Drove my chevy to the levy

“Drove my chevy to the levy…”

Last Thursday, the FSCA published that “Dear John” notice you all look forward to so much every year. Yes, you’ve guessed it – FSCA Notice 465 of 2021 contains details of the levies to be imposed on Financial Institutions soon.

Paull Lawrence, from Moonstone Compliance and Risk Management updated his Levy calculator to include the 2021 data. In addition, he provided a spreadsheet which shows the increases for Sole Proprietors since 2007.

Paull notes that:

  • the 2021 increase is 3% over last year
  • the levy for Representatives of Cat A was not increased (0%)
  • the levy on Assets under management factor (Cat II, IIA and III) was not increased. (0%)

As always, please be warned not to try and cook the books by, for instance, reducing the number of reps just prior to the effective date of calculation. It could affect your fit and proper status in terms of honesty, which could cost you substantially more than you would save on the levy.

Please click here to download the levy calculator.

Please click here to download the spreadsheet for Sole Proprietors.

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