Adviser firms may be required to provide extra information about their income to the FSA under new rules governing the funding of the Financial Services Compensation Scheme (FSCS).
The regulator says as some firms have been allocated different classes or sub-classes under the FSCS changes, it may need income updates to set new tariffs.
The FSA published details of the changes on 14 November, which saw some firms allocated to both the life & pensions and investment mediation sub-classes.
Although the regulator says most firms will be exempt from providing the extra information – as they were not re-allocated - others will need to submit details by 30 November.
The FSA says it is in the process of contacting these firms directly, asking them to complete a form indicating their split - expressed as a percentage - of these two business types.
It says this will be in reference to the amount of income earned for their financial year ending in 2007. The FSA will use this information to apportion the number of approved persons to each of these two mediation sub-classes.
Any firm with permission to carry out both these types of business and which has not received a request about the breakdown of its income should contact the FSA's Revenue team urgently on 020 7066 3034/9920 or click here.
Levies paid to the FSCS cover investors in the event of failure by a firm or firms. The next levy year will run from 1 April 2008 to 31 March 2009.
020 7034 2636
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