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Proposed levies on Financial Institutions – FSCA requests comments

The FSCA has called for input by 31 July 2020 on proposed levies for the 2020/21 financial year to be imposed on several affected institutions.

This includes:

pension funds, their administrators and adjudicators;
retirement annuity funds;
friendly societies;
short-term insurers and Lloyd’s underwriters;
long-term insurers;
collective investment schemes in securities, property, participation bonds and hedge funds;
foreign collective investment schemes;
authorised financial services providers and their ombud;
exchanges, central securities depositories; and
credit rating agencies.

A levy is also mooted on financial markets in respect of market abuse.

The proposals include the methodology used to calculate each levy, procedures to be followed when applying for an exemption – and requirements in respect of consolidated payments and arrears. Stakeholders should submit their comments using the template provided.

Click here to download the Draft Board Notice of 2020 about levies on financial institutions.

Click here to download the comments template to be used.

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