Compliance Contribution Fee

General insurance brokers such as MPW have been regulated by the Financial Services Authority since January 2005.

This requires us to operate our business in accordance with a substantial set of rules and requirements. The costs of compliance are significant and include a yearly FSA regulatory fee.

A significant proportion of the annual fee comprises a levy payable to the Financial Services Compensation Scheme, a fund established for the sole protection of policyholders in the event of an authorised firm becoming insolvent or ceasing to trade. More information regarding the FSCS may be found at www.fscs.org.uk.

Regrettably, all of these compliance costs continue to rise and we now seek a modest annual contribution from each client towards our outlay.

The fee is applied to each client account once per annum and is unaffected by the number of individual policies held or transactions processed.

A fee of £15 per annum is charged for Consumer Customers whom we define as individuals acting outside their trade, business or profession.

A fee of £40 per annum is charged for Commercial Customers.

The invoice we send to you will separately identify and specify the amount of the compliance contribution fee payable by you.