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Status: You are viewing the version of the handbook as on 2009-03-31.

FEES 5.6 The supplementary levy

FEES 5.6.1G

For the purposes of calculating the supplementary levy, the FSA will apportion the establishment costs between the industry blocks in the same proportions as the operating costs for the purposes of the general levy. The supplementary levy will therefore be raised from firms on the same basis and at the same time as the general levy (see part 2 of FEES 5 Annex 1).

FEES 5.6.2G

The establishment costs will be recovered via the supplementary levy over the first three full financial years of the Financial Ombudsman Service's operation.

FEES 5.6.3G

The amount of establishment costs to be raised each year through the supplementary levy will be specified in part 2 of FEES 5 Annex 1.

FEES 5.6.4G

The supplementary levy will be identified separately from the general levy for the purposes of invoicing firms and VJ participants.

FEES 5.6.5R

A firm must pay to the FSA a supplementary levy towards the costs of establishing the Financial Ombudsman Service.

FEES 5.6.6R

A firm's supplementary levy is a sum payable in accordance with the fee tariffs set out in part 2 of FEES 5 Annex 1 and will be calculated by following the steps set out in FEES 5.3.8 R.

FEES 5.6.7G

Under the standard terms, VJ participants will also be required to pay an amount calculated on a similar basis towards the costs of establishing the Voluntary Jurisdiction of the Financial Ombudsman Service.