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

You are viewing the version of the document as on 2022-01-02.

Timeline guidance

Alternative versions

  1. Point in time
    2022-01-02

FEES 12.1 1Application and Purpose

Application

FEES 12.1.1 R RP

This chapter applies to FOS Ltd.

Purpose

FEES 12.1.2 G RP
  1. (1)

    This chapter sets out rules governing the amounts payable by FOS Ltd to the FCA to fund the FCA’s functions under the ADR Regulations.

  2. (2)

    These rules are made using the rule-making power in paragraph 23 (Fees) Schedule 1ZA of the Act, as applied with modifications by Regulation 15A of the ADR Regulations.

FEES 12.2 1FOS ADR levy

Obligation to pay FOS ADR levy

FEES 12.2.1 R RP

FOS Ltd must pay the FOS ADR levy:

  1. (1)

    in full and without deduction; and

  2. (2)

    in accordance with this chapter.

Time of invoice and payment

FEES 12.2.2 R RP
  1. (1)

    The FCA will raise the FOS ADR levy annually in arrears.

  2. (2)

    The FCA will invoice FOS Ltd in April for the FOS ADR levy relating to the previous fee year.

  3. (3)

    FOS Ltd must pay the FOS ADR levy within 30 days of the date of the invoice.

Calculation of FOS ADR levy

FEES 12.2.3 R RP

The FOS ADR levy is calculated as follows:

  1. (1)

    Determine the number of hours, or part of an hour, taken by the FCA, in performing functions under the ADR Regulations.

  2. (2)

    Using the table at FEES 3 Annex 9R(11), determine the relevant pay grades of those employed by the FCA to perform the functions under the ADR Regulations.

  3. (3)

    Next, multiply the applicable rate in the table at FEES 3 Annex 9R(11) by the number of hours or part hours obtained under (1).

  4. (4)

    Then add any fees and disbursements invoiced to the FCA by any person in respect of services performed by that person for the FCA to assist the FCA in performing its functions under the ADR Regulations.

  5. (5)

    The resulting figure is the FOS ADR levy.

FEES 12.2.4 G RP
  1. (1)

    The hourly rates chargeable for FCA employees are set out in the table at FEES 3 Annex 9R(11) for Special Project Fee for Restructuring.

  2. (2)

    FCA board members are treated as “Any other person employed by the FCA” for this purpose.

FEES 12.2.5 G RP

The obligation to pay the FOS ADR levy is ongoing.

Value-added tax (VAT)

FEES 12.2.6 R RP
  1. (1)

    All levies payable under FEES 12 are stated net of VAT.

  2. (2)

    Where VAT is applicable, this must also be included.

FEES 12.3 1Late payments and recovery of unpaid levies

Late payments

FEES 12.3.1 R RP

If FOS Ltd does not pay the total amount of the FOS ADR levy before the end of the date on which it is due, it must pay:

  1. (1)

    an administrative fee of £250; and

  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.

Recovery of levies

FEES 12.3.2 G RP
  1. (1)

    The FCA may recover the FOS ADR levy as a debt owed to the FCA under paragraphs 23(8) of Schedule 1ZA of the Act.

  2. (2)

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

FEES 12.4 Relieving provisions

Reductions, remission or repayment of levy

FEES 12.4.1 G RP

The FCA may reduce or remit all or part of the FOS ADR levy applicable to FOS Ltd 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 12.4.2 G RP

The FCA may refund all or part of the FOS ADR levy applicable to FOS Ltd if it appears to the FCA that in the exceptional circumstances of a particular case retaining all or part of the FOS ADR levy applicable to FOS Ltd would be inequitable.