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
    2016-07-17

FEES 11.2 1Pensions guidance providers’ levy

Obligation to pay pensions guidance providers’ levy

FEES 11.2.1RRP

A designated guidance provider in column (B) of the table in FEES 11 Annex 1R must pay the pensions guidance providers’ levy applicable to it in column (C) of that table:

  1. (1)

    in full and without deduction; and

  2. (2)

    in accordance with this chapter.

Time of payment

FEES 11.2.2RRP

A designated guidance provider must pay the pensions guidance providers’ levy applicable to it within 30 days of the date of the invoice to which that sum relates.

Method of payment

FEES 11.2.3GRP

A designated guidance provider should pay its levy by electronic credit transfer and should notify the FCA if it intends to pay in another way.

Late payments

FEES 11.2.4RRP

If a designated guidance provider does not pay the total amount of the pensions guidance providers’ levy applicable to it before the end of the date on which it is due, it must pay:

  1. (1)

    an administrative fee of £250; plus

  2. (2)

    interest on any unpaid part of the levy at an annual rate of 5% above the Official Bank Rate from time to time in force, accruing daily from the date on which the amount concerned became due.

Reduction, remission and repayment of levy

FEES 11.2.5GRP

The FCA may reduce or remit all or part of the pensions guidance providers’ levy applicable to a designated guidance provider if it appears to the FCA that in the exceptional circumstances of a particular case paying all or part of it would be inequitable.

FEES 11.2.6GRP

The FCA may refund all or part of the pensions guidance providers’ levy applicable to a designated guidance provider if it appears to the FCA that in the exceptional circumstances of a particular case the FCA retaining all or part of it would be inequitable.

FEES 11.2.7GRP

The FCA may not consider a claim to refund a pensions guidance providers’ levy due to a mistake of fact or law by the designated guidance provider if the claim is made more than two years after the beginning of the fee year to which the levy relates.

Recovery of levies

FEES 11.2.8GRP
  1. (1)

    The FCA may recover the pensions guidance providers’ levy from a designated guidance provider as a debt owed by it to the FCA under paragraph 23(8) of Schedule 1ZA of the Act.

  2. (2)

    The FCA will consider taking action for recovery (including interest) through the civil courts.

Revocation of designation as pensions’ guidance provider

FEES 11.2.9GRP

The FCA will not relieve or refund the pensions guidance providers’ levy paid by a designated guidance provider if the Secretary of State2 revokes that provider’s designation under section 333E(3) of the Act after the start of that fee year.

Becoming a designated guidance provider

FEES 11.2.10RRP

If the Secretary of State2 designates a person as a designated guidance provider under section 333E(1)(e) of the Act in the course of a fee year, the following formula must be used to calculate the pensions guidance providers’ levy to be paid by that provider for that fee year:

(1)

calculate the number of months between and including:

(i)

the month in which the person became a designated guidance provider; and

(ii)

the last month of the relevant fee year;

(2)

divide the number of months calculated in (1) by 12; and2

(3)

multiply the pension guidance providers’ levy set out in column (C) of row 5 of the table at FEES 11 Annex 1R by the number calculated in (2).

VAT

FEES 11.2.11RRP
  1. (1)

    All pensions guidance providers' levies payable under FEES 11 are stated net of value-added tax (VAT).

  2. (2)

    Where VAT is applicable, this must also be included.