On 19 November 2020, the FCA published a new web page intended to provide clarification for investment managers on how to report income for Financial Services Compensation Scheme (FSCS) levy calculations. The FCA states that in 2018 asset managers began reporting ‘look-through’ income for the FSCS levy. Income relating to beneficiaries who are FSCS eligible claimants must be reported. The FCA adds that following dialogue with industry representatives it understands that some firms may be reporting income for the FSCS levy that they do not need to report. The FCA goes on to describe the definition of annual eligible income and also provides an example.
