FEES 5.9 Leaving the Financial Ombudsman Service
Where a firm ceases to be authorised part way through a financial year:
- (1)
it will remain liable to pay standard case fees in respect of chargeable cases against it closed by the Financial Ombudsman Service for the remainder of that financial year; and
- (2)
it must pay the special case fee specified under FEES 5.5.7 R in respect of any other chargeable cases against it closed by the Financial Ombudsman Service.
5DISP 5.9.1 R applies to persons ceasing to be licensees part way through a financial year in the same way as it applies to firms which cease to be authorised.
Firms which cease to be authorised and therefore subject to the Compulsory Jurisdiction part way through the year will not receive a refund of their general levy (or supplementary levy) except in exceptional circumstances. Firms will continue to be liable for any case fees relating to chargeable cases closed by the Financial Ombudsman Service after they cease to be authorised. Firms will be charged the standard case fee where the complaint was closed by the Financial Ombudsman Service before the end of the year in which their authorisation ceased. The special case fee will apply to any complaint closed after the end of that year since the firm will no longer be contributing to the general levy.
5Licensees will also continue to be liable for any case fees relating to chargeable cases closed by the Financial Ombudsman Service after they cease to be licensees. Licensees will be charged the standard case fee where the complaint was closed by the Financial Ombudsman Service before the end of the year in which they ceased to be licensees. The special case fee will apply to any complaint closed after the end of that year since the licensee will no longer be contributing to any sum determined under section 234A of the Act.