Context
The FCA has updated its web page about the FIN074 Economic Crime Levy return to add sections on the Levy itself, and on how to submit and deal with issues.
Key points to note and next actions
- The new information seeks to clarify (although there is no granular details) which firms need to pay the Levy, and information about charges for the Levy.
- There is updated, if brief, information about what data to submit (i.e., the FIN074 return) and how to deal with issues related to FIN074.
- There remains a section specific to insurance firms, confirming that the activities of insurance firms are not in scope of the MLRs (hence out of scope of the Levy and the need to complete the return) when carried out for contracts for general insurance.
- The information reminds insurance firms, though, that there can be circumstances where insurance firms have additional permissions to provide regulated activities that may bring them within scope of the MLRs, for example if they carry out consumer lending.