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, FOS levy, or share of the FSCS levy, CFEB levy or SFGB levy, TPR SFGB levy or TPR DA levy19 before the end of the date on which it is due, under the relevant provision in FEES 4, 4A, 5, 6, 7, 7A, 7C or 7D19 that person must pay an additional amount as follows:
343297231861820222661820- (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 FCA, (for FCA and PRA periodic fees, FOS and FSCS levies, 21SFGB levies, TPR SFGB levies and a TPR DA levy19), expects 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.
2222221820672311117232Recovery of Fees
- (1)
Paragraph15 23(8) of Schedule 1ZA of the Act permits the FCA to recover fees (including fees relating to payment services, the issuance of electronic money, 17CBTL firms, data reporting services providers,17 designated credit reference agencies, designated finance platforms16 and, where relevant, FOS levies, 21SFGB levies, TPR SFGB levies and a TPR DA levy19).14
1820 - (2)
Section 213(6) of the Act permits the FSCS to recover shares of the FSCS levy payable, as a debt owed to the FCA and FSCS respectively. 14
- (3)
The FCA and FSCS, as relevant, will consider taking action for recovery (including interest) through the civil courts.14
In addition, the FCA may be entitled to take regulatory action in relation to the non-payment of fees, FOS levies, 21SFGB levies, TPR SFGB levies and a TPR DA levy19. The FCA may also take regulatory action in relation to the non-payment of a share of the FSCS levy, after reference of the matter to the FCA by the FSCS. What action (if any) that is taken by the FCA will be decided upon in the light of the particular circumstances of the case.
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