management expenses

(1) (except in INSPRU ) (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 the Act, other than compensation costs and costs incurred under Part 15A of the Act; for the purposes of FEES 6 these are subdivided into base costs, specific costs and establishment costs.

(2) (in INSPRU ) in relation to long-term insurance business, means all expenses, other than commission, incurred in the administration of an insurer or its business.