FEES 11.2 1Pensions guidance providers’ levy
Obligation to pay pensions guidance providers’ levy
A designated guidance provider in column (B) of the table in FEES 11 Annex 1R must pay the pensions guidance providers’ levy applicable to it in column (C) of that table:
- (1)
in full and without deduction; and
- (2)
in accordance with this chapter.
Time of payment
A designated guidance provider must pay the pensions guidance providers’ levy applicable to it within 30 days of the date of the invoice to which that sum relates.
Method of payment
A designated guidance provider should pay its levy by electronic credit transfer and should notify the FCA if it intends to pay in another way.
Late payments
If a designated guidance provider does not pay the total amount of the pensions guidance providers’ levy applicable to it 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.
Reduction, remission and repayment of levy
The FCA may reduce or remit all or part of the pensions guidance providers’ levy applicable to a designated guidance provider if it appears to the FCA that in the exceptional circumstances of a particular case paying all or part of it would be inequitable.
The FCA may refund all or part of the pensions guidance providers’ levy applicable to a designated guidance provider if it appears to the FCA that in the exceptional circumstances of a particular case the FCA retaining all or part of it would be inequitable.
The FCA may not consider a claim to refund a pensions guidance providers’ levy due to a mistake of fact or law by the designated guidance provider if the claim is made more than two years after the beginning of the fee year to which the levy relates.
Recovery of levies
- (1)
The FCA may recover the pensions guidance providers’ levy from a designated guidance provider as a debt owed by it 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.
Revocation of designation as pensions’ guidance provider
The FCA will not relieve or refund the pensions guidance providers’ levy paid by a designated guidance provider if the Secretary of State2 revokes that provider’s designation under section 333E(3) of the Act after the start of that fee year.
Becoming a designated guidance provider
If the Secretary of State2 designates a person as a designated guidance provider under section 333E(1)(e) of the Act in the course of a fee year, the following formula must be used to calculate the pensions guidance providers’ levy to be paid by that provider for that fee year:
(1) |
calculate the number of months between and including: |
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(i) |
the month in which the person became a designated guidance provider; and |
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(ii) |
the last month of the relevant fee year; |
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(2) |
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(3) |
multiply the pension guidance providers’ levy set out in column (C) of row 5 of the table at FEES 11 Annex 1R by the number calculated in (2). |
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VAT
- (1)
All pensions guidance providers' levies payable under FEES 11 are stated net of value-added tax (VAT).
- (2)
Where VAT is applicable, this must also be included.