FEES 5.1 Application and Purpose
Application
718Whilst no rule made by the FCA in this chapter applies to licensees subject to the Consumer Credit Jurisdiction or to VJ participants, some of the guidance may do. The application of rules made by the FOS Ltd in this chapter is set out in FEES 5.5A and described in FEES 5.1.2 AG.
5A reference to firm in this chapter includes a reference to a fee-paying payment service providerand fee-paying electronic money issuer6 .
718718FEES 5.1.1A R does not apply to FEES 5.5A or FEES 5 Annex 2R or Annex 3R unless otherwise stated in rules made by the FOS Ltd.
Exemption
2A firm will only be exempt from FEES 5.7 for any given financial year if it met the conditions inDISP 1.1.12 R3 on 31 March of the immediately preceding financial year.
3A firm which ceases to be exempt under FEES 5.1.4 R is to be treated, for the purposes of its contribution to the general levy, as a firm to which FEES 5.8 applies.
718Firms which cease to be authorised and therefore subject to the Compulsory Jurisdiction part way through the year will not receive a refund of their general levy except in exceptional circumstances.
Purpose
The purpose of this chapter is to set out the requirements on firms to pay annual fees (through a general levy invoiced and collected by the FCA on behalf of FOS Ltd) and case fees (invoiced and collected directly by FOS Ltd) in order to fund the operation of the Financial Ombudsman Service.This Chapter4 also provides for unauthorised persons to pay case fees to FOS Ltd in respect of any relevant complaints which it handles.
4417This chapter also explains the way that the Consumer Credit Jurisdiction will be funded by a combination of contributions collected by the Office of Fair Trading which are paid to FOS Ltd and case fees invoiced and collected directly by FOS Ltd from licensees.