GEN 3.2 Late Payments and Recovery of Unpaid Fees
Late Payments
If a person does not pay the total amount of a fee on the date on which it is due under the relevant provision in the Handbook, that person must pay an additional amount as follows:
- (1)
if the fee was not paid in full before the end of the due date, an administrative fee of £250; plus
- (2)
if the fee was 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 person 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.
GEN 3.2.1 R relates only to periodic fees.
Recovery of Fees
Paragraph 17(4) of Schedule 1 to the Act permits the FSA to recover fees as a debt owed to the FSA and the FSA will consider taking action for recovery through the civil courts.