FEES 12.3 1Late payments and recovery of unpaid levies
Late payments
If FOS Ltd does not pay the total amount of the FOS ADR levy before the end of the date on which it is due, it must pay:
- (1)
an administrative fee of £250; and
- (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 FOS ADR levy as a debt owed to the FCA under paragraphs 23(8) of Schedule 1ZA of the Act.
- (2)
The FCA will consider taking action for recovery (including interest) through the civil courts.