FEES 2.2 Late Payments and Recovery of Unpaid Fees
Late Payments
If a person does not pay the total amount of a periodic fee3, FOS levy, or share of the FSCS levy or CFEB levy6, before2 the end of the2 date on which it is due, under the relevant provision in FEES 4, 5, 6 or 7, 6that person must pay an additional amount as follows:
342972326- (1)
if the fee was not paid in full before the end of the due date, an administrative fee of £250; plus
- (2)
interest on any unpaid part of the fee at the rate of 5% per annum above the Official Bank Rate10 from time to time in force, accruing on a daily basis from the date on which the amount concerned became due.
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The FSA, (for periodic fees, FOS and FSCS levies and CFEB levies), expect to issue invoices at least 30 days before the date on which the relevant amounts fall due. 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.
67237232Recovery of Fees
Paragraph 17(4) and paragraph 19B6 of Schedule 1 to6 and section 99(5) of6 the Act permit the FSA to recover fees (including fees relating to payment services,5 the issuance of electronic money 8 and, where relevant, FOS levies and CFEB levies6), 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 the6 FSCS, as relevant, will consider taking action for recovery (including interest) through the civil courts. 6
65723In addition, the FSA may be entitled to take regulatory action in relation to the non-payment of fees,6 FOS levies and CFEB levies. The FSA6 may also take regulatory action in relation to the non-payment of FOS case fees or 723 a723 share of the FSCS levy, after reference of the matter to the6 FSA by the6 FSCS. What action (if any) that is taken by the FSA will be decided upon in the light of the particular circumstances of the case.
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