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Application provision

44.1 This Chapter does not apply to the FSCS.

44.1

03/07/2015

This Chapter does not apply to the FSCS.

44.2

03/07/2015

A firm must provide the FSCS by end of February each year (or, if it has become a DGS member part way through the financial year, by the date requested by the PRA) with a statement of the total amount of business (measured in accordance with the class A tariff base) which it conducted, in respect of the most recent valuation period ending before the relevant year in relation to class A.

The relevant year means the year in which the month of February (referred to above) falls.

The valuation period will be 31 December.

44.3

03/07/2015

A new DGS member must calculate its class A tariff base in accordance with 41.6.

44.4

07/03/2019

If a firm does not submit a complete statement of business by the date on which it is due in accordance with 44.2 and any prescribed submission procedures:

  1. (1) The firm must pay an administrative fee of £250 (but not if it is already subject to an administrative fee by the PRA for the same financial year); and
  2. (2) The DGS compensation costs levy and any DGS specific costs levy will be calculated using (where relevant) the valuation or valuations of business applicable to the previous period, multiplied by a factor of 1.10 (or if it has become a DGS member part way through a financial year, on the basis of the information provided to the PRA and used to calculate PRA fees or on any other reasonable basis, making such adjustments as seem appropriate in subsequent levies once the true figures are known).