FEES 6.7 Payment of levies
A participant firm must pay its share of any levy made by the FSCS:
- (1)
in one payment; or
- (2)
where the FSCS agrees, quarterly, at the beginning of each quarter, by direct debit agreement.
The amount paid under a direct debit arrangement will be adjusted on a continuous basis to take account of interim levies and other adjustments made during the course of the financial year.
A participant firm's share of a levy to which FEES 6.7.1 R (1) applies is due on, and payable within 30 days of, the date when the invoice is issued.
If a participant firm does not pay its share of a levy subject to a direct debit agreement as required by FEES 6.7.1 R (2), the entire amount of the levy becomes due and payable to the FSCS, and additional administrative fees are payable at the rate set out in FEES 2.2.1 R.
A participant firm liable to pay its share of the levy under FEES 6.7.1 R must do so using one of the methods set out in FEES 4.2.4 R save that no additional amount or discount is applicable.
If a firm ceases to be a participant firm part way through a financial year of the compensation scheme:
- (1)
it will remain liable for any unpaid levies which the FSCS has already made on the firm; and
- (2)
the FSCS may make a levy upon it (which may be before or after the firmhas ceased to be a participant firm, but must be before it ceases to be an authorised person) for the costs which it would have been liable to pay had the FSCS made a levy on all participant firms at the time of the levy on the firm;.