We are consulting on our proposals for a transitional provision covering insurers’ tariff data to be used to calculate their FCA periodic fees and the Financial Ombudsman Service annual levies for 2017/18.
Why we are consulting on this
To accommodate the Solvency II changes to insurers' regulatory returns, we plan to use the same tariff data as used for their 2016/17 fees and levies. In specified cases firms will be able to make adjustments.
The Prudential Regulation Authority (PRA) is publishing a separate CP covering its fees rules and those of the Financial Services Compensation Scheme levy.
Who this applies to
The consultation affects insurers falling into:
- FCA fee-blocks A.3 Insurers – general and A.4 Insurers – life.
- Financial Ombudsman Service industry blocks I002 Insurers – general and I004 Insurers – life Compulsory Jurisdiction.
- Financial Ombudsman Service industry blocks 2V Voluntary Jurisdiction participants undertaking general insurance activities and 3V Voluntary Jurisdiction participants undertaking life insurance activities.
This consultation has now closed. Subject to FCA Board approval in December, we plan to publish a Policy Statement in December 2016. This will include feedback on those comments and final rules.
Comments will also be considered by the Financial Ombudsman Service and the final VJ rules will be subject to approval by their Board in December 2016.