Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Fees definition

What does Fees mean? In legal practice, Fees are the sums payable by one party to another for goods, services or rights under a contract, together with any agreed charges or other amounts. The term is descriptive rather than statutory; while specific legislation prescribes particular court or registry fees in England & Wales, Scotland, Northern Ireland and Ireland, in private agreements Fees is a contract-defined term. Usage is broadly consistent across these jurisdictions. Key features in contracts include whether Fees cover one-off, periodic, retainer or success-based payments; whether expenses/disbursements are included or separate; whether VAT/sales taxes are excluded or included; timing and invoicing; indexation;...

FSCS funding and levy regime in the UK: FCA/PRA rules, class caps, retail pool, DGS/policyholder protection, exemptions, reporting and payment

Published by a LexisNexis Financial Services expert

Practice notes

The Financial Services Compensation Scheme (FSCS) derives its fundraising powers from Chapter 6 of the Fees sourcebook within the Financial Conduct Authority (FCA) Handbook, alongside designated chapters of the Prudential Regulation Authority (PRA) Depositor Protection and Policyholder Protection rules. This Practice Note offers a synopsis of the principal provisions.

Application and scope

Sections 213 and 224 of the Financial Services and Markets Act 2000 (FSMA 2000) confer on the regulators (that is, the FCA and the PRA) the ability to set rules permitting the FSCS to charge levies to authorised persons to cover its costs. Those rules appear in FEES 6 of the FCA Handbook, and in Depositor Protection 33 and Policyholder Protection 21 of the PRA Rulebook.

This delineates that the PRA is the competent authority for rulemaking on claims relating to deposits and insurance, while the FCA oversees all other categories of financial activity falling within the FSCS’s remit. In March 2013, the Financial Services Authority (FSA) — the FCA’s predecessor — issued policy statement PS13/04 on the FSCS Funding Model Review, introducing an FSA/FCA retail pool (see below)...

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Honor Levy

LexisNexis

Honor previously worked as a solicitor in the Enforcement Division of the Financial Conduct Authority (FCA). Whilst at the FCA, she also worked as an investigator in many regulatory investigations, specialising in investigating breaches of the FCA’s rules and regulations by retail firms and their directors. Prior to joining the FCA, Honor was an associate in the General Commercial Litigation department at SJ Berwin LLP, handling a wide range of litigation cases, including representing financial institutions and directors who were subject to regulatory investigations and enforcement actions....

Web page updated on 21/05/2026

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