SUP 20.2 Obligation to Pay Periodic Fees

A firm must pay to the FSA an amount equal to:

1. (1)

   each periodic fee applicable to it; less

2. (2)

   any deductions from the periodic fee specified in part 2 of SUP 20 Annex 2.1

A firm must not make any other deduction from the amount required under SUP 20.2.1 R.

The periodic fee referred to in SUP 20.2.1 R is (except in relation to the Society) calculated as follows:

1. (1)

   identify each of the tariffs set out in part 1 of SUP 20 Annex 2 which apply to the business of the firm for the period specified in that annex;

2. (2)

   for each of those tariffs, calculate the sum payable in relation to the business of the firm for that period;

3. (3)

   add together the amounts calculated under (2);

4. (4)

   apply any applicable payment charge or discount specified in SUP 20.2.7A R, provided that:

   1. (a)

      for payment by direct debit, successful collection of the amount due is made at the first attempt by the FSA; or

   2. (b)

      for payment by credit transfer, the amount due is received by the FSA on or before the due date.21

The periodic fee referred to in SUP 20.2.1 R in relation to the Society is specified against its name in SUP 20 Annex 2.1

1. (1)

   The firm must pay the total amount due under SUP 20.2.1 R, using one of the payment methods specified in SUP 20.2.7A R.

2. (2)

   If the firm's periodic fee for the previous financial year was at least £50,000, the firm must pay:

   1. (a)

      an amount equal to 50% of the periodic fee payable for the previous year, by 30 April in the financial year to which the sum due under SUP 20.2.1 R relates; and

   2. (b)

      the balance of the periodic fee due for the current financial year by 1 September in the financial year to which that sum relates.

3. (3)

   If the firm's periodic fee for the previous financial year was less than ?50,000, the firm must pay the periodic fee due in full by 1 July in the financial year to which that sum relates.

4. (4)

   If a firm has applied to cancel its Part IV permission in the way set out in 6.4.5 (Cancellation of permission), then (2) and (3) do not apply but it must pay the total amount due when the application is made.

5. (5)

   If the FSA has exercised its own-initiative powers to cancel a firm'sPart IV permission in the way set out in ENF 5 (Cancellation of Part IV permission on the FSA's own initiative), then (2) and (3) do not apply but the firm must pay the total amount due immediately before the cancellation becomes effective.21

A firm which is a member of a group may pay all of the amounts due from other firms in the same group under SUP 20.2.1 R, if:

1. (1)

   it notifies the FSA in writing the name of each other firm within the group for which it will pay; and

2. (2)

   it pays the fees, in accordance with this chapter, as a single amount as if that were the amount required under SUP 20.2.1 R from the firm.