FEES 2.2 Late Payments and Recovery of Unpaid Fees
Late Payments
If a person does not pay the total amount of a periodic fee (including fees relating to reportable transactions to the FSA using the FSA's Direct Reporting System or FSA's Transaction Reporting System (see SUP 17))1, FOS levy or case fee, or share of the FSCS levy, on the date on which it is due, under the relevant provision in FEES 4, 5, or 6, that person must pay an additional amount as follows:
- (1)
if the fee was not paid in full before the end of the due date, an administrative fee of £250; plus
- (2)
if the fee was not paid in full before the end of 15 days after the due date, interest on any unpaid part of the fee at the rate of 5% per annum above 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.
The FSA, (for periodic fees, FOS and FSCS levies), FOS Ltd (for FOS case fees), expect to issue invoices at least 30 days before the date on which the relevant amounts fall due. FOS case fees are invoiced on a monthly basis. Accordingly it will generally be the case that a person will have at least 30 days from the issue of the invoice before an administrative fee becomes payable, and at least 45 days before any interest becomes payable.
Recovery of Fees
Paragraph 17(4) of Schedule 1 and section 99(5) to the Act permit the FSA to recover fees ( and, where relevant, FOS levies), and section 213(6) permits the FSCS to recover shares of the FSCS levy payable, as a debt owed to the FSA and FSCS respectively, and the FSA and FSCS, as relevant, will consider taking action for recovery (including interest) through the civil courts. Also, the FOS Ltd (in respect of case fees) may take steps to recover any money owed to it (including interest).
In addition, the FSA may be entitled to take regulatory action in relation to the non-payment of fees and FOS levies. FSA may also take regulatory action in relation to the non-payment of FOS case fees or share of the FSCS levy, after reference of the matter to FSA by FOS Ltd or FSCSrespectively. What action (if any) that is taken by the FSA will be decided upon in the light of the particular circumstances of the case.