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Guarantee Fund costs change

19 September 11

The former Guarantee Fund contribution has been split into a Guarantee Fund subscription and a separate accounts fee

Changes to the funding of the Society’s inspection and interventions regime and the Guarantee Fund will be implemented for 2011-12.

Historically the Guarantee Fund contribution has funded approved payments from the Fund as well as the costs of the Financial Compliance and Interventions Departments. From 2011-12 the Guarantee Fund subscription will only fund direct Guarantee Fund costs such as grants, a separate charge called the accounts fee being introduced to pay for the two departments. The accounts fee will be charged to the same people and businesses who pay the Guarantee Fund subscription.

This change will not increase the overall cost. Indeed Council has approved a Guarantee Fund contribution for 2011-12 of £239 and an accounts fee of £341, in total a £50 reduction from the Guarantee Fund subscription charged this year.

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