FEES 2.2 Late Payments and Recovery of Unpaid Fees
Late Payments
If a person does not pay the total amount of a periodic fee3, FOS levy, or share of the FSCS levy or CFEB levy6, before2 the end of the2 date on which it is due, under the relevant provision in FEES 4, 5, 6 or 7, 6that person must pay an additional amount as follows:
342972326- (1)
if the fee was not paid in full before the end of the due date, an administrative fee of £250; plus
- (2)
interest on any unpaid part of the fee at the rate of 5% per annum above the Official Bank Rate10 from time to time in force, accruing on a daily basis from the date on which the amount concerned became due.
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The FCA22, (for FCA and PRA 22periodic fees, FOS and FSCS levies and CFEB levies), expects11 to issue invoices at least 30 days before the date on which the relevant amounts fall due. Accordingly it will generally be the case that a person will have at least 30 days from the issue of the invoice before an administrative fee becomes payable.
226723117232Recovery of Fees
- (1)
Paragraph15 23(8) of Schedule 1ZA of the Act permits the FCA to recover fees (including fees relating to payment services, the issuance of electronic money, 17CBTL firms, data reporting services providers,17 designated credit reference agencies, designated finance platforms16 and, where relevant, FOS levies and CFEB levies).14
- (2)
Section 213(6) of the Act permits the FSCS to recover shares of the FSCS levy payable, as a debt owed to the FCA and FSCS respectively. 14
- (3)
The FCA and FSCS, as relevant, will consider taking action for recovery (including interest) through the civil courts.14
In addition, the FCA 13may be entitled to take regulatory action in relation to the non-payment of fees,6 FOS levies and CFEB levies. The FCA 136 may also take regulatory action in relation to the non-payment of FOS case fees or 723 a723 share of the FSCS levy, after reference of the matter to the6 FCA 13 by the6 FSCS. What action (if any) that is taken by the FCA 13will be decided upon in the light of the particular circumstances of the case.
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