FSCS statement on reporting of annual eligible income from collective investment schemes (CIS)

29th June 2012

Following the interim levy invoices issued in January 2011, the FSCS has been dealing with a large number of requests from firms to resubmit tariff data (submitted in 2010 for FSCS levy year 2010/11) under the relieving provisions at 2.3R of the FSA’s FEES rules. 

It has come to our attention during the course of this levy review process that some firms in the Investment Fund Management sub-class (SD01) were reporting annual eligible income (AEI) relating to Collective Investment Schemes (CIS) on different bases.

The purpose of this statement is to explain how we have been advised firms should be reporting income from CIS under the current rules so that firms know how to report in future and to explain the consequences of this for the 2010/2011 levy review process.

Further information:

Jargon Buster

  • Eligible

    qualifying for compensation under Scheme rules.
  • FSA

    Financial Services Authority, was previously the UK's regulator for the finance industry. It was replaced by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) on 1 April 2013.
  • Investment

    a financial product in which money can be invested to earn interest or profit (although the value of investments can go down as well as up).