FOS Income Declaration
July 2013
Section J is the once-a-year return all insurance brokers
make to declare income so that regulatory fees can be
calculated.
In the past the amounts have been based on:
•
FCA – All income from regulated activities
•
FOS – All income from consumer business, micro
enterprises, a charity which has an annual income of less
than £1M at the time of the complaint and a trustee of a
trust which has a net asset value of less than £1M at the
time the complaint was made.
Micro enterprises are defined as businesses with less than
€2M turnover and less than 10 employees
•
FSCS - All income from consumers and businesses
with a turnover of less than £1M. Plus, you need to add to
this the income received for statutory classes (Employers
Liability and Road Traffic Act/Motor third party)
However, the FCA have now published some help texts on
the website:
http://www.fca.org.uk/firms/systems-reporting/gabriel/
help/rma/helptexts
UPDATE FCA Application
Processing Times
In a previous newsletter, it was good to be able to report
that processing times were coming down, from 22
weeks to 18 weeks.
We have now had an update from the regulator
detailing the current position.
The good news is that average turnaround times for
new General Insurance applications is now a ???????)Q???????????????????????????????????????????)?????????????????
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