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 FCA22, (for FCA and PRA 22periodic fees, FOS and FSCS levies and CFEB levies), expects11 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.
226723117232Recovery of Fees
Paragraphs 23(8) and 27 of Schedule 1ZA and paragraphs 31(7) and 35 of Schedule 1ZB of the Act permit the FCA and PRA respectively to recover fees (including in respect of the FCA,11 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 FCA PRA and FSCS respectively, and the FCA , PRA and FSCS, as relevant, will consider taking action for recovery (including interest) through the civil courts. 6
666656723In addition, the appropriate regulator may be entitled to take regulatory action in relation to the non-payment of fees,6 FOS levies and CFEB levies. The appropriate regulator6 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 appropriate regulator by the6 FSCS. What action (if any) that is taken by the appropriate regulator will be decided upon in the light of the particular circumstances of the case.
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