Under the Financial Services and Markets Act 2000 (FSMA), the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) must set a limit on the total management expenses levied, that gives the Financial Services Compensation Scheme (FSCS) adequate resources to perform its functions efficiently and economically and provide a responsive and well-understood compensation service for financial services consumers.
Why are we publishing this consultation paper?
This joint FCA and PRA consultation paper (CP) outlines the proposed management expenses levy limit (MELL) for the FSCS for 2014/5.
Who is this CP aimed at?
You should read this CP if you are an authorised firm.
What are the next steps?
Please send us your comments on the proposed MELL by 17 February 2014 using the online response form[3] or the address on page 2 of the CP.
After reviewing responses, and subject to approval in March 2014 by the FCA Board and the PRA Board, we will finalise the proposal in this CP to take effect on 1 April 2014. Invoices will be sent out from July 2014.
Want to find out more?
For more information:
- view the FCA Handbook[4]