The amount paid under a direct debit arrangement will be adjusted on a continuous basis to take account of interim levies and other adjustments made during the course of the financial year.
- (1) 1
the FSCS may make a levy upon it (which may be before or after the firmhas ceased to be a participant firm, but must be before it ceases to be an authorised person) for the costs which it would have been liable to pay had the FSCS made a levy on all participant firms at the time of the levy on the firm;1
the FSCS may make a levy upon the firm (which may be before or after the firm has ceased to be a participant firm, but must be before it ceases to be an authorised person) for the purpose of meeting its expenses in relation to compensation costs and/or management expenses incurred or 3expected to be incurred at any time in the future in respect of defaults which have already occurred;212
the FSCS may estimate any costs referred to in (3) by any method or approach it considers appropriate, and adjust them to reflect the time value of money based on the funding arrangements in place in relation to the default; and1
paragraphs (3) and (4) apply notwithstanding any other provision in this chapter.1