Management Expenses in Respect of Relevant Schemes Levy


This Chapter applies only to the FSCS.


The FSCS may at any time impose a MERS levy on a firm or, where applicable, the Society provided that the FSCS has reasonable grounds for believing that the funds available to it to meet relevant expenses are, or will be insufficient, taking into account relevant expenses already incurred or expected to be incurred in the 12 months immediately following the date of the levy.


The FSCS can impose a MERS levy only if the FSCS has tried its best and has failed to obtain reimbursement of those expenses from the manager of the relevant scheme.


The FSCS must calculate a share of a MERS levy for a firm or, where applicable, the Society, on a reasonable basis.