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FEES 5.1 Application and Purpose

Application

FEES 5.1.1RRP

116This chapter applies to:

  1. (1)

    every firm which is subject to the Compulsory Jurisdiction of the Financial Ombudsman Service; and

  2. (2)

    every other person who is subject to the Compulsory Jurisdiction in relation to relevant complaints.

FEES 5.1.2GRP

The relevant provisions of FEES 5 are applied to VJ participants by the standard terms (see DISP 4).

FEES 5.1.3G

References in this chapter to "firms" are to be construed, where relevant, as including:

  1. (1)

    in accordance with the Ombudsman Transitional Order, unauthorised persons subject to the Compulsory Jurisdiction in relation to relevant complaints (see Transitional Provisions 6 and 7 of DISP); and

  2. (2)

    as a result of section 226 of the Act, unauthorised persons who were formerly firms in respect of complaints about acts or omissions which occurred at the time when they were firms, provided that the Compulsory Jurisdiction rules were in force in relation to the activity in question.

Exemption

FEES 5.1.4R

A firm which is exempt under DISP 1.1.7 R is also exempt from FEES 5.1 to2FEES 5.62.

FEES 5.1.4AR

2A firm will only be exempt from FEES 5.7 for any given financial year if it met the conditions in DISP 1.1.7 R on 31 March of the immediately preceding financial year.

FEES 5.1.5RRP

A firm which ceases to be exempt under FEES 5.1.4 R is to be treated, for the purposes of its contribution to the general levy, as a firm to which FEES 5.8 applies.

FEES 5.1.6R

A firm which becomes exempt under FEES 5.1.4 R during the course of a financial year is to be treated for the purposes of its contribution to the general levy, as a firm to which FEES 5.9 applies.

Purpose

FEES 5.1.7GRP

The purpose of this chapter is to set out the requirements on firms to pay annual fees (through a general levy and supplementary levy invoiced and collected by the FSA on behalf of FOS Ltd) and case fees (invoiced and collected directly by FOS Ltd) in order to fund the operation of the Financial Ombudsman Service.This chapter also contains a requirement on firms to pay a supplementary levy towards the costs of establishing the Financial Ombudsman Service. It also provides for unauthorised persons to pay case fees to FOS Ltd in respect of any relevant complaints which it handles.