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Levies

Proposed levies on Financial Institutions – FSCA requests comments

According to Pam Saxby of Legalbrief Policy Watch, the FSCA has called for input by 21 June 2019 on proposed levies for the 2019/20 financial year to be imposed on a raft of 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;
  • intermediaries;
  • 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 for covering financial market abuse, while short and long-term insurers will also be expected to pay a special solvency assessment and management framework levy. 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 2019 about levies on financial institutions.

Click here to download the comments template to be used.

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