The Lead MA should contact the DCA if any reconciliation is believed to be caused by a monthly BDX not matching the FCP payment report for any specific payment account. The Lead should share their findings with all Follows. Follows who detect a frontend reconciliation issue should raise it with the Lead MA for that binder. Lead and Follow MAs should reconcile their own funding accounts to ensure any timing differences are noted for the following months reconciliation

We recommend this be done monthly as MAs and DCAs to get used to the new way of working.
It is the responsibility of the MA to ensure appropriate control over finances and accounting.

Details of the current Back Office Matching service are at https://limoss.london/fcp-back-office-matching. For details of the proposed enhanced matching service, email servicedesk@LIMOSS.London

The Lead MA should work with the broker when determining if a binder should be onboarded to FCP. The broker should include the LMA BAA endorsement into the contract when all parties agree, some brokers are including the endorsement in all contracts and removing if the final decision is not to be FCP, but a traditional loss fund. The final point for the Lead to confirm this is within DCOM, the broker should flag the binder as FCP in DCOM for the Lead MA to then review and approve.

Vitesse has robust business continuity plans in place.  For further information please contact FCPsupport@vitessepsp.com.

Continuous contracts are in scope for FCP, but a new Payment Account is required for each YOA. The YOA is a requirement by STFO to correctly process the ARCS Settlements.

All Brokers, DCAs & MAs are encouraged to suggest any improvements to FCP. You can do this by joining the FCP MUG, further details are available here: https://limoss.london/fcp-market-user-group OR you can email your suggestions to: servicedesk@LIMOSS.London.

The charges for FCP consist of Subscription and Transaction Fees, as set out in the Market User Agreement (MUA) issued to all MAs. Both Subscriptions & Transaction Fees are collected via STFO outside of the FCP platform and do not appear in the FCP reports. All subsTransaction Fees are collected monthly/quarterly by LIMOSS, via the ARCS process. For more details about the collection of FCP charges, contact the LIMOSS Service Desk

Yes, it is possible to change an active Payment Account’s Funding Account to a Funding account in a different currency. Consideration should be taken when doing this as the currency change could impact refunds/recoveries as well as the reconciliation process. MAs should speak to Vitesse for further advice.

An MA's Funding Account should never have a zero balance, as payments from any linked payments accounts will fail. When a new binder is added to FCP, Vitesse will check that all linked funding accounts do not have a zero balance. If they find any that do, the relevant MA(s) will be emailed - but the binder will still be setup. It is the responsiblity of each MA to ensure their funding accounts are correctly funded at all times. To help MAs do this, they can configure balance alerts and set-up scheduled reports on any/all of their accounts. MAs should contact their Vitesse RM for further information.

Yes, if you choose to. These reports can be generated manually or scheduled to be sent to designated email or sftp destinations.

When a very large payment is made, the ARCS auto top-up will ensure these funds are replenished from the relevant STFO account into your FCP funding account. If additional funds need to be added tothe funding account the balance can be increased. Conversely, if you need to subsequently decrease the balance of an 'over-funded' funding account, a payment can be made to return some of the funds to the STFO account. MAs should speak to Vitesse or their RM for further advice.

MAs that have already signed a Market User Agreement (MUA) have the right to use FCP service for any syndicate they manage.  There is no need to amend the MUA when syndicates are added or removed from an MA’s portfolio. To ensure correct invoicing, MAs are asked to notify LIMOSS of syndicate changes by emailing finance@LIMOSS.London. MAs who use Vitesse’s non-FCP services are advised to discuss directly with Vitesse, as LIMOSS are not party to those arrangements.

New MAs that have not yet signed a Market User Agreement (MUA) must do so before they can use FCP. To get started, please email servicedesk@LIMOSS.London.

For details of resilience testing and risk management methods, contact Vitesse or LIMOSS Service Desk. All MAs, DCAs and Brokers may wish to conduct their own BCP planning and testing when using any market service, such as FCP. MAs and Brokers may also wish to discuss resilience issues with their market association.

FCP currently supports eChecks in USA only. Paper cheque payments are not supported in any territory. Support to eChecks in AUD and CAD is currently on the FCP backlog. If you would eChecks to be supported in other territories, please contact the LIMOSS Service Desk

Yes, FCP is global. Vitesse operate a large network of in-country accounts, allowing direct access into local payment schemes in over 100 currencies and over 170 countries and territories. In addition, using the SWIFT network, Vitesse can pay to anywhere your bank can.

The DCA can submit payment details through the Vitesse Portal OR via API integration (Application Programming Interface). API use is recommended, as this allows DCAs to integrate their claims management systems directly into the Vitesse payment platform.

Yes. Contact the Vitesse team at FCPsupport@vitessepsp.com for further information

No, Neither the Lead nor the Follow MAs can authorise a payment from a payment account. This can only be performed by the appointed DCA. In exceptional circumstances, eg. the insolvency of the DCA, Vitesse are able to support with authorisation of all parties concerned. For further details and advice, please contact Vitesse on fcpsupport@vitessepsp.com

Refunds/Subrogation/Overpayments
These all follow the refund/returns route outlined below. The funds would be received into the payment account as a credit and are then automatically transferred back to the funding accounts at the correct apportionment of the binder configured. These would appear on the cashbook as a return credit. The DCA should then match the cashbook to the BDX and when reporting to the broker make note of this credit. This should be incorporated into the BDX as a credit which should then net off the total BDX value, which will feed through to the SCM/USM total amount.

When the MA then processes their back-end reconciliation, they should include the refund credit so this should match the signing.

The MA can then decide if they want to keep the funds in the funding account or send back to their Lloyd’s trust fund.

Recoveries (repatriation of a loss fund no longer needed)
There should not be a recovery situation in FCP where the existing DCA – Broker – MA process is mirrored. In the case of a traditional, non FCP loss fund, the funds are held with the DCA and once the loss fund is no longer needed or has been authorised to close down, the DCA would need to close that fund in recs and transfer money to the Broker for return on the correct splits to the MA.

In FCP, no money is held by a DCA. Money is held only in the funding accounts owned by the MA.

As FCP Payment accounts are zero balance, account movements are not possible. If you made a payment from an incorrect account and need to correct this, you should make a payment from the source account to the destination account using the settlement details of the destination account (found under Account ->properties). This should be made as a single payment and not an account movement.

Any suspected breach of SLA should be raised with Vitesse in the first instance - and, for escalation, with LIMOSS Service Desk (servicedesk@LIMOSS.London).

LIMOSS provide regular MI reports to the Market User Group and Steering Groups. To request access, email LIMOSS Service Desk