Reset to Today

To access the FCA Handbook Archive choose a date between 1 January 2001 and 31 December 2004.

Content Options:

Add to favourites

View Options:

More Resources:

External link Handbook Publications

Alternative versions

  2. Point in time
    2005-09-29

DISP 5.8 Payment

DISP 5.8.1R

A firm must pay annually to the FSA the general levy and any supplementary levy to which it is subject, on or before the later of 1 April and 30 calendar days after the date when the invoice is issued by the FSA.1

DISP 5.8.2R

A firm must pay to FOS Ltd any standard case fee or special case fee which it is liable to pay under DISP 5.6.1 R, DISP 5.6.6 R, DISP 5.6.7 R, DISP 5.6.8 R, DISP 5.6.10 R, or DISP 5.6.12 R, as appropriate, in respect of chargeable cases for which it is invoiced by FOS Ltd within 30 calendar days of the date when the invoice is issued by FOS Ltd.

DISP 5.8.3G

The Financial Ombudsman Service will invoice firms for case fees on a monthly basis and firms will be required to pay these fees within 30 calendar days of receiving the invoice.

DISP 5.8.4R

A firm or an unauthorised person who is subject to the Compulsory Jurisdiction in relation to a relevant complaint must pay any standard case fee or special case fee within 30 calendar days of the date when the invoice is issued by FOS Ltd.

DISP 5.8.5G

The FSA will issue invoices for the general levy and any supplementary levy. FOS Ltd will issue invoices for standard case fees and special case fees. Each invoice will be payable within 30 calendar days. Invoices will be sent to the firm's Compliance Officer at the principal place of business in the United Kingdom last notified to the FSA. A firm which is liable to pay under DISP 5.8.1 R may do so by direct debit agreement.1

DISP 5.8.6R

If a firm or an unauthorised person does not pay a levy or case fee in full within 30 calendar days of the date when the invoice is issued, it must, from that date, pay an administrative fee of £250 plus interest on any unpaid part of the levy or fee at a rate of 5% over the Bank of England's repo rate, from time to time in force, accruing on a daily basis from the date on which the amount concerned became due.2

2
DISP 5.8.7G

If a firm (or unauthorised person) subject to the Compulsory Jurisdiction fails to make payment under this chapter of standard or special case fees, after expiry of the 30 day period, FOS Ltd may:1

  1. (1)

    Take steps to recover any money owed (including interest);

  2. (2)

    Refer the matter to the FSA so that the FSA may take whatever disciplinary action it considers necessary.

DISP 5.8.7AG

1If a firm (or unauthorised person) fails to make payment under this chapter of the general levy and any supplementary levy to which it is subject, after the expiry of the 30 day period, the FSA may take whatever action it considers appropriate including steps to recover any money owed (with interest) and commencing disciplinary proceedings.

DISP 5.8.8R

If it appears to the FSA or FOS Ltd that, owing to the exceptional circumstances of a particular case, the payment of any fee would be inequitable, the FSA or FOS Ltd may reduce or remit all or part of the fee in question which would otherwise be payable.

DISP 5.8.9R

If it appears to the FSA or FOS Ltd that, owing to the exceptional circumstances of a particular case to which DISP 5.8.8 R does not apply, the retention by the FSA or FOS Ltd of a fee which has been paid would be inequitable, the FSA or FOS Ltd may refund all or part of the fee.