Can I be exempt from the Financial Services Compensation Scheme (FSCS) and/or Financial Ombudsman Service (FOS) levy?
FSCS – If your firm does not conduct business that could give rise to a protected claim by an eligible claimant for FSCS purposes, and it is not reasonably likely to do so, it can complete an FSCS exemption form. However, this exemption is only for the compensation costs levy and the specific costs levy – the firm will still be subject to the base costs levy. FOS – If your firm does not conduct business with ‘eligible complainants’ and is not reasonably likely to do so, it is exempt from the general levy. You can apply for exemption by downloading this FOS exemption form. We are consulting (in Chapter 3 of CP07/3) on a new rule which explains that if a firm is not exempt from the FSCS and/or FOS on 31 March each year, it is liable for the full year’s FSCS and/or FOS levy. If firms apply for exemption during the fee year, exemption will apply to the following financial year’s FSCS and/or FOS levies. For example, if we do not receive your exemption form by 31 March 2006, you will be liab
