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(1) (except in PRU ) (in accordance with section 223 of the Act (Management expenses)) expenses incurred or expected to be incurred by the FSCS in connection with its function under COMP, other than compensation costs; for the purposes of COMP these are subdivided into base costs, specific costs and establishment costs.(2) (in PRU ) in relation to long-term insurance business, means all expenses, other than commission, incurred in the administration of an insurer or its business.
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a levy imposed by the FSCS on participant firms to meet the management expenses and which is made up of one or more of a base cost levy, a specific costs levy and an establishment costs levy, each participant firm's share being calculated in accordance with COMP 13.5.
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(in relation to a UK recognised body) accounts showing the actual and budgeted income and expenditure of that body over any period.