Section 333T of the Act (Funding of action against illegal money lending) requires the Treasury to notify the FCA of the amount of the Treasury’s illegal money lending costs. The FCA must make rules requiring authorised persons, or any specified class of authorised person, to pay to the FCA the specified amounts or amounts calculated in a specified way, with a view to recovering the amounts notified to it by the Treasury.
This chapter sets out the method by which the IML levy will be calculated. Details of the actual levy payable will vary from year to year, depending on the amount of funding provided by the Treasury for the purpose of combatting illegal money lending. These details are set out in FEES 13 Annex 1R. New details will be prepared and consulted on for each financial year.
2 In accordance with GEN 2.3 (General saving of the Handbook for Gibraltar), rules or guidance in FEES 13 that immediately before IP completion day applied in relation to or in connection with Gibraltar will continue to apply after IP completion day. The exceptions to this provision are the fee rates set out in FEES 13 Annex 1R, which may change each fee year.