FEES 6.7 Payment of levies

6Where a participant firm must pay its periodic fees for a fee year in accordance with FEES 4.3.6R(1C) to (1E), it must pay its share of any annual levy imposed 7 by the 7FSCS for the financial year of the compensation scheme as follows:

1. (1)

   by 1 April an amount equal to 50%, or such lower percentage as the FSCS may determine, of the participant firm’s share of the annual levy 7payable for the previous financial year of the compensation scheme; and

2. (2)

   by 1 September the balance of the annual levy 7due from the participant firm for the current financial year of the compensation scheme.

8Where the FCA grants the person’s application for annulment of a cancellation or variation of Part 4A permission under Schedule 6A to the Act and the person falls within FEES 6.7.-1R and:

1. (1)

   the annulment takes effect after 1 April, then the date for payment referred to in FEES 6.7.-1R(1) does not apply, but the person must, where the annulment takes effect after 1 April but before 1 September, pay:

   1. (a)

      on the date on which the annulment takes effect, an amount equal to 50%, or such lower percentage as the FSCS may determine, of the participant firm’s share of the annual levy payable for the previous financial year of the compensation scheme; and

   2. (b)

      by 1 September, the balance of the annual levy due from the participant firm for the current financial year of the compensation scheme year; or

2. (2)

   the annulment takes effect after 1 September, then the date for payment referred to in FEES 6.7.-1R(2) does not apply, but the person must pay the total amount due on the date on which the annulment takes effect.

A participant firm that is not within FEES 6.7.-1R,6 must pay its share of any levy made by the FSCS in one payment.6

A participant firm's share of a levy to which FEES 6.7.1R6 applies is due on, and payable within 30 days of, the date when the invoice is issued.

6A participant firm’s share of any interim levy 7 is due on, and payable within 30 days of, the date when the invoice is issued.

A participant firm liable to pay its share of the levy under FEES 6.7.-1R, 6.7.1R and 6.7.3R6 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 or carry out activities within one or more classes5 4 part way through a financial year6 of the compensation scheme:

1. (1)

   it will remain liable for any unpaid levies which the FSCS has already made on the firm; and4

   1
2. (2)

   the FSCS may make one or more levies4 upon it (which may be before or after the firm5 has ceased to be a participant firm or carry out activities within one or more classes5,4 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 or firms5 carrying out activities within that class5 in the financial year6 it ceased to be a participant firm or carry out activities within that class5.4

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3. (3)

   [deleted]4

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4. (4)

   [deleted]4

   4
5. (5)

   [deleted]4

   4

8FEES 6.7.6R does not apply in relation to a person to whom the FCA grants an annulment of a cancellation or variation of Part 4A permission under Schedule 6A to the Act.