The Scheme’s principle funding arrangement is insurance cover.
The insurance policy currently covers 5 million euros and this would come into effect when the Commissioner declares a participant in default as prescribed by the Act. The insurance policy will provide compensation for eligible claimants of a failed participant to the limits as set by the Act.
Levies on participants.
Each participant contributes annually to the payment of the insurance cover. The Committee has established a self-assessment model to determine the most appropriate individual annual levies for firms. The calculation methodology used is based on the category of authorisation and the number of eligible clients a firm holds.
Administrative fees