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April 9, 2024
The FCA has published Handbook Notice 117 which, in Section 3, provides feedback to a number of Consultations. This Handbook Notice will serve, effectively, as the Policy Statements in relation to these Consultations.
One particular impact to note is the confirmation of the widening of the definition of ‘relevant income’ for the purposes of the FOS fees calculation that goes in Section J of the RMAR (see Sections 3.52 to 3.56 and 3.70 to 3.81 of the Handbook Notice). It is to be widened to capture all the types of firm that are ‘eligible complainants’ – see Consultation Paper CP23/22, Section 6.
The FCA is proceeding as planned with amending the definition to include all eligible complainants to the Ombudsman Service. This will be effective from 1st April 2025 for reporting purposes, with the reported data then used to calculate the CJ levy amounts payable by firms for the 2026/27 fee year onwards.
NOTE – there are no ‘final’ Rules in the Handbook Notice – the new Rules will be as proposed in the relevant Consultation Paper (CP23/22).
