- Focusing IMAP fees on confirmed model applicants only means small internal model applicant companies will obviously suffer the twin agony of losing the industry-wide "subsidy" for model application costs, as well as paying standard non-IMAP fees for 2011/12
- No refunds if anyone withdraws mid year!
- Straight line recovery based on premiums and liabilities
- Any late entrants who try to join the model approval process will be levied
- Difference in FSA costs between provisional and final budget is nearly £5m - is this vast difference due to the number of model application drop-outs (which must be around 20 companies)?
- Some sniping comments from industry in the consultation responses, saying the differences between budget and requirement showed the FSA "had not budgeted effectively", are spending too much, and should give a more detailed cost breakdown.
Monday, 30 May 2011
FSA Special Projects fees - additional info
Just a few bits of additional information from the FSA special project fees for Solvency II