Related provisions for FEES 6.7.4
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The FSCS may adjust the calculation of a participant firm's share of any levy to take proper account of:(1) any excess, not already taken into account, between previous levies of that type imposed in relation to previous periods and the relevant costs actually incurred in that period; or(2) participant firms that are exempt from the levy under FEES 6.2; or(3) amounts that the FSCS has not been able to recover from participant firms as a result of FEES 6.3.5 R ; or2(4) amounts
If a participant firm's share of a levy or an additional administrative fee under FEES 6.7.4 R would be so small that, in the opinion of the FSCS, the costs of collection would be disproportionate to the amount payable, the FSCS may treat the participant firm as if its share of the levy or additional administrative fee amounted to zero.
A management expenses levy under COMP may consist of two 2elements. The first is a base costs levy, for the base costs of running the compensation scheme in a financial year, that is, costs which are not dependent upon the level of activity of the compensation scheme and which therefore are not referable to any specific default. Included in this category are items such as the salary of the members of the board of the FSCS, the costs of the premises which the FSCS occupies, and
If a firm ceases to be a participant firm part way through a financial year of the compensation scheme:(1) it will remain liable for any unpaid levies which the FSCS has already made on the firm; and(2) the FSCS may make a levy upon it (which may be before or after the firmhas ceased to be a participant firm, 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 at the time
The key components of the FSA fee mechanism (excluding the FSCSlevy and FOS levy and case fees, which are dealt with in FEES 5 and FEES 6) are:(1) a funding requirement derived from:(a) the FSA's financial management and reporting framework;(b) the FSA's budget; and(c) adjustments for audited variances between budgeted and actual expenditure in the previous accounting year, and reserves movements (in accordance with the FSA's reserves policy);(2) mechanisms for applying penalties
A firm which becomes a participant firm part way through a financial year of the compensation scheme will not be liable to pay a share of a compensation costs levy made in that year.4
If a person does not pay the total amount of a periodic fee (including fees relating to transaction reports43 to the FSA using the FSA's Transaction Reporting System (see SUP 17))1, FOS levy or case fee, or share of the FSCS levy, before2 the end of the2 date on which it is due, under the relevant provision in FEES 4, 5, or 6, that person must pay an additional amount as follows: 3422(1) if the fee was not paid in full before the end of the due date, an administrative fee of
The FSA, (for periodic fees, FOS and FSCS levies), FOS Ltd (for FOS case fees), expect to issue invoices at least 30 days before the date on which the relevant amounts fall due. FOS case fees are invoiced on a monthly basis. 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.2
Paragraph 17(4) of Schedule 1 and section 99(5) to the Act permit the FSA to recover fees ( and, where relevant, FOS levies), and section 213(6) permits the FSCS to recover shares of the FSCS levy payable, as a debt owed to the FSA and FSCS respectively, and the FSA and FSCS, as relevant, will consider taking action for recovery (including interest) through the civil courts. Also, the FOS Ltd (in respect of case fees) may take steps to recover any money owed to it (including
In addition, the FSA may be entitled to take regulatory action in relation to the non-payment of fees and FOS levies. FSA may also take regulatory action in relation to the non-payment of FOS case fees or share of the FSCS levy, after reference of the matter to FSA by FOS Ltd or FSCSrespectively. What action (if any) that is taken by the FSA will be decided upon in the light of the particular circumstances of the case.
If it appears to the FSA, or FOS Ltd (in relation to any FOS case fee only), that in the exceptional circumstances of a particular case, the payment of any fee or FOS levy would be inequitable, the FSA or FOS Ltd, as relevant, may (unless FEES 2.3.2B R applies)1 reduce or remit all or part of the fee or levy in question which would otherwise be payable.
If it appears to the FSA, or FOS Ltd (in relation to any FOS case fee only), that in the exceptional circumstances of a particular case to which FEES 2.3.1R does not apply, the retention by the FSA, or FOS Ltd, as relevant, of a fee or FOS levy which has been paid would be inequitable, the FSA, or FOS Ltd, may (unless FEES 2.3.2B R applies)1 refund all or part of that fee or levy.
1The FSA may not consider a claim under FEES 2.3.1 R and/or FEES 2.3.2 R to reduce, remit or refund any overpaid amounts paid by a fee payer in respect of a particular period, due to a mistake of fact or law by the fee payer, if the claim is made by the fee payer more than 2 years after the beginning of the period to which the overpayment relates.
149FEES applies to all persons required to pay a fee or levy under a provision of the Handbook. The purpose of this chapter is to set out to whom the rules and guidance in FEES apply. FEES 2 (General Provisions) contains general provisions which may apply to any type of fee payer. FEES 3 (Application, Notification and Vetting Fees) covers one-off fees payable on a particular event for example various application fees (including those in relation to authorisation, variation of