IUA Circular 019/26
Specie Survey Fees Pilot Scheme
Date: 23 February 2026
Interest Groups: IUA member contacts, Strategy Operations Transformation and Innovation Group, Joint Specie Claims Sub Group
Subject: Details of proposed changes to expert fee payments
IUA Contact: Kim Darrington, Director of Market Operations and Transformation - 44 (0)20 7617 4452 or 44 (0)79 4780 3877
We are making an administrative change to expedite expert fee payments due to a long-standing operational issue. This have been agreed by the Joint LMA/IUA Specie Committee and LIIBA Fine Art and Specie Committee, supported by the LMA, IUA and LIIBA. No action is required unless you have any concerns. If you do, please respond by 18th March.
Many surveyors are experiencing lengthy delays in the settlement of their invoices for work which they have been instructed to carry out and have carried out. These delays largely result from fee collection agents being unable to access accurate information about individual underwriters’ shares on complex placements. The impact on surveyors is significant, some needing to take out business loans or forgo monthly salaries as a result of inconsistent cashflow.
The London Market Fee Payment Enablement Scheme, agreed by the LMA, IUA and LIIBA, aims to expedite the payment of surveyor and expert fees, reduce administrative friction in obtaining underwriting share data and support the continued viability of expert survey services.
Under this scheme, the LMA and IUA will cause a “contract change notice” (a “CCN”) to be effected, which would amend the terms of the existing FERN agreement. If your firm is happy with the above CCN being entered into, no further action is required. However, if your firm objects to the CCN above being entered into or if you have queries, for the LMA, and as secretariat to the Joint Specie Committee, please contact Joe Brace, for the IUA please contact Kim Darrington or for LIIBA please contact James Livett by March 18th 2026.
We do not expect any objections to the scheme, based on working group discussions and market feedback, which have shown great willingness to improve the situation for experts, but wanted to provide the opportunity to contact before the planned launch on March 23rd 2026.
The scheme will allow Velonetic to:
•provide the required market share information to the designated fee collection agent(s) for the purpose of facilitating the payment of surveyor and expert fees
•accept fee payment authorisation from the market participant requesting the survey only.
Please see attached for more information. The scheme will be piloted with Fine Art and Specie with the aim to expand to other classes of business.