Premises guarantees: How do I respond to a request from the Financial Security Centre (FSC) when a combined guarantee (for premises and movements) is required?
Warehouse keepers may request a security, which covers both premises and movements(this is classified as combined security). For applications receivedlocal staff must:
- Visit the applicant to establish the potential duty due on the average end of month stock calculated over a 12 month period, allowing for seasonal variations;
- Establish (as far as is possible) the average amount of duty likely to be suspended during an average weeks movements;
- Calculate the size of the guarantee required;
- Remind the applicant (in writing) of the requirement to maintain a record of guarantee usage referred to in Notice 197 (as appropriate); and
- Complete Form FSC1 and forward it to the FSC. You need to include the calculations of both elements. The FSC1 must be completed in the name of the legal entity not in a trading name.