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FEES 10.3 1Late payments and recovery of unpaid levies

Late payments

FEES 10.3.1RRP

If a firm does not pay the total amount of the pensions guidance levy before the end of the date on which it is due, it must pay:

  1. (1)

    an administrative fee of £250; plus

  2. (2)

    interest on any unpaid part of the levy at an annual rate of 5% above the Official Bank Rate from time to time in force, accruing daily from the date on which the amount concerned became due.

FEES 10.3.2GRP
  1. (1)

    The FCA expects to issue invoices at least 30 days before the date on which the relevant amounts fall due.

  2. (2)

    Accordingly, a firm will usually have at least 30 days from the issue of the invoice before an administrative fee becomes payable.

Recovery of levies

FEES 10.3.3GRP
  1. (1)

    The FCA may recover the pensions guidance levy as a debt owed to the FCA under paragraph 23(8) of Schedule 1ZA of the Act.

  2. (2)

    The FCA will consider taking action for recovery (including interest) through the civil courts.

FEES 10.3.4GRP
  1. (1)

    In addition, the FCA may be entitled to take regulatory action for the non-payment of the pensions guidance levy.

  2. (2)

    What action (if any) is taken by the FCA will be decided by the particular circumstances of the case.