FSA has written to compliance officers notifying them that the 2010/11 Internal Model Approval Process (IMAP) Special Project Fee was budgeted at £13.2 million, but the actual spend was £6.6 million. As a result, there was an underspend of £6.6 million. The FSA informed firms of their share of the underspend and provided them with a credit note to that value. (Source: Dear Compliance Officer Letter in respect of Credit Note for 2010/11 Solvency ll IMAP Special Project Fees)