Once you receive FCA authorisation, your firm will become part of the compulsory jurisdiction of the Financial Ombudsman Service (FOS) and the Financial Service Compensation Scheme (FSCS).
The FOS is funded by a general levy, as well as by case fees charged to firms to deal with complaints. It acts to resolve disputes in the financial sector.
Should your firm be required to pay any relevant regulatory fees and interim levies, these will be calculated based on your firm’s turnover, and subject to a minimum fee. To help you manage the cost of this, Sesame will agree a budget plan, designed to spread the charge over a period of time and alleviate any initial impact to your cash flow.
Should your firm leave the network, any balance outstanding will be applied immediately, in full.