FEES 7B.1 Application and Purpose
Application
1This chapter applies to every person listed in FEES 1.1.2R(5).
Purpose
1The purpose of this chapter is to set out the requirements on the persons listed in FEES 7B.1.1R to fund the Treasury’s costs relating to the provision of debt advice by the Devolved Authorities, and the related FCA collection costs.
Background
1The Treasury’s debt advice costs are defined in subsection 1 of section 137SB (Rules to recover debt advice expenses incurred by the devolved authorities) of the Act as the expenses incurred, or expected to be incurred, by the Devolved Authorities in connection with the provision of information and advice on debt to members of the public in Scotland, Wales and Northern Ireland.
- (1)
1Under section 137SB(1) of the Act, the Treasury may notify the FCA of the amount of the debt advice costs.
- (2)
Sections 137SB(2) and (3) of the Act require the FCA to make rules requiring authorised persons, electronic money issuers or payment service providers to pay specified sums, or sums calculated in a specified way, to the FCA with a view to recovering:
- (a)
the amount notified by the Treasury; and
- (b)
expenses incurred by the FCA in connection with its functions under section 137SB of the Act.
- (a)
1This chapter contains the rules referred to in FEES 7B.1.4G(2).
1Under section 137SB(8) of the Act, the FCA must pay to the Treasury the amounts that it receives under these rules, apart from amounts covering its collection costs (which it may keep).
1These rules were made with the consent of the Treasury pursuant to section 137SB(5) of the Act.
Exemption
1A firm is not liable to pay a DA levy in relation to payment services or electronic money issuance if it is the Bank of England, a government department, a local authority, a municipal bank or the National Savings Bank.