FEES App 1.2 Periodic Fees
General
Methods of payment
A registered society must pay its periodic fee by one of the methods specified in Annex 1R.
Due dates
A registered society must pay a periodic fee on or before the relevant due date for payment specified in Annex 1R for the relevant year.
Exceptions
A registered society is not required to pay the periodic fee for the financial year in which it is first registered.
A registered society which has not been required to file an R before the commencement of a given fee year must pay the lowest periodic fee for a registered society specified in Annex 1R for that year.
If a registered society fails to file an R by the date it is required to be filed:
- (1)
the R used to determine the amount of the periodic fee payable by the registered society will be that shown in the R last filed with the FSA or its predecessor; and
- (2)
the registered society must pay an administrative fee equal to the lower of the periodic fee payable by the registered society under Annex 1R for that year, and £250.
If a registered society ceases to be a registered society on or after 1 April in a particular financial year, but before an invoice for the periodic fee payable under 1.2.1 R for the financial year in which the society ceases to be a registered society has been issued by the FSA, the periodic fee payable by that registered society under 1.2.1 R is the amount of the periodic fee under Annex 1R for the immediately preceding financial year.
Extension of time
A registered society need not pay a periodic fee on the date which it is due under the relevant provision in these rules, if:
- (1)
that date falls during a period during which circumstances of the sort set out in R(Emergencies) exist, and that registered society has reasonable grounds to believe that those circumstances impair its ability to pay the fee, in which case it must pay on or before the fifth business day after the end of that period; or
- (2)
that date would otherwise fall on or before the 30th day after the date on which the FSA has sent written notification to that registered society of the fee payable on that date, in which case it must pay on or before the 30th day after the date on which the FSA sends the notification.
Late payment
If a registered society does not pay the total amount of a periodic fee or a fee payable under 1.4.2R on the date on which it is due under the relevant provisions of these rules, that registered society must pay an additional amount as follows:
- (1)
if the fee is not paid in full before the due date, an administrative fee of £250; plus
- (2)
if the fee is not paid in full before the end of 15 days after the due date, interest on any unpaid part of the fee at the rate of 5% per annum above the Bank of England’s repo rate from time to time in force, accruing on a daily basis from the date on which the amount concerned became due.
The FSA expects to issue invoices for periodic fees at least 30 days before the date on which they fall due. Accordingly, it will generally be the case that a registered society will have at least 30 days from the issue of the invoice before an administrative fee becomes payable, and at least 45 days before any interest becomes payable.
If a sponsoring body does not pay the required periodic fee for a set of by the due date, the rules will cease to be model rules and applications for the registration of societies that use the rules will be charged by the FSA as if the rules were a free draft.
Amending model rules
If a sponsoring body wishes to change a set of model rules, it should supply a copy to the FSA indicating the proposed changes. No application fee is payable for such changes.