FEES 10.3 1Late payments and recovery of unpaid levies
Late payments
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)
an administrative fee of £250; plus
- (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.
Recovery of levies
- (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)
The FCA will consider taking action for recovery (including interest) through the civil courts.
- (1)
In addition, the FCA may be entitled to take regulatory action for the non-payment of the pensions guidance levy.
- (2)
What action (if any) is taken by the FCA will be decided by the particular circumstances of the case.