FEES 7A.3 The SFGB money advice levy and debt advice levy
Obligation to pay money advice levy or debt advice levy
1A firm must pay the SFGB money advice levy or SFGB debt advice levy applicable to it:
4Where the FCA grants a person’s application for annulment of a cancellation or variation of Part 4A permission under Schedule 6A to the Act and the person falls within FEES 7A.3.1R and the annulment takes effect after 1 August or after the invoice referred to in FEES 7A.3.1R(2) has been issued, then the date for payment referred to in FEES 7A.3.1R(2) does not apply, but the person must pay the SFGB money advice levy or SFGB debt advice levy applicable to it in full and without deduction, on the date on which the annulment takes effect.
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Calculation of the money advice levy and debt advice levy
1The SFGB money advice levy and SFGB debt advice levy are each calculated as follows:
- (1)
identify each of the activity groups set out in Part 1 of FEES 7A Annex 1R and Part 1 of FEES 7A Annex 2R that apply to the business of the firm for the relevant period (for this purpose, the activity groups under FEES 7A Annex 1R are defined in accordance with Part 1 of FEES 4 Annex 1AR and the activity groups under FEES 7A Annex 2R are defined in accordance with Part 1 of that Annex);
- (2)
calculate, for each of those activity groups identified in (1), the amount payable in the way set out in FEES 7A.3.4R;
- (3)
add each of the amounts calculated under (2);
- (4)
work out whether a minimum fee is payable under Part 2 of FEES 7A Annex 1R and if so how much;
- (5)
add together the amounts calculated under (3) and (4);
- (6)
modify the result as indicated by (if applicable) FEES 4.2.7ER, FEES 4.2.7FR, FEES 4.2.7GR, FEES 4.2.7HR, FEES 4.2.7IR, FEES 4.2.7JG and FEES 4.2.7KR;
- (7)
apply any applicable payment charge specified in FEES 4.2.4R to the amount in (6), provided that:
- (8)
make the calculations using information obtained in accordance with FEES 4.4 in the case of FEES 7A Annex 1R and Part 3 of FEES 7A Annex 2R in the case of Part 2 of that Annex.
1The amount payable by a firm with respect to a particular activity group is calculated as follows:
- (1)
calculate the size of the firm’s tariff base for that activity group using:
- (a)
the tariff base calculations in Part 3 of FEES 4 Annex 1AR, Part 3 of FEES 4 Annex 11 and Part 2 of FEES 7A Annex 2R; and
- (b)
the valuation date requirements in Part 5 of FEES 4 Annex 1AR, Part 3 of FEES 4 Annex 11R and Part 3 of FEES 7A Annex 2;
- (a)
- (2)
use the figure in (1) to calculate which of the bands set out in the table in Part 1 of FEES 7A Annex 1R and Part 4 of FEES 7A Annex 2R the firm falls into;
- (3)
add together the fixed sums, as set out in the table in Part 1 of FEES 7A Annex 1R and Part 4 of FEES 7A Annex 2R, applicable to each band identified under (2);
- (4)
the amount in (3) is the amount payable by the firm with respect to that activity group.
1For the purposes of FEES 7A.3.4R:
- (1)
a firm may apply the relevant tariff bases and rates to its non-UK business, as well as to its UK business, if:
- (a)
it has reasonable grounds for believing that the costs of identifying the firm’s UK business separately from its non-UK business in the way described in Part 3 of FEES 4 Annex 1AR and Part 1 of FEES 4 Annex 11R are disproportionate to the difference in fees payable; and
- (b)
it notifies the FCA in writing at the same time as it provides the information concerned under FEES 4.4 (Information on which fees are calculated), or, if earlier, at the time it pays the fees concerned;
- (a)
- (2)
for a firm which has not complied with FEES 4.4.2R (information on which fees are calculated) or FEES 4.4.8D (Information relating to payment services and the issuance of electronic money) for this period, the SFGB money advice levy and SFGB debt advice levy is calculated using (where relevant) the valuation or valuations of business applicable to the previous period, multiplied by the factor of 1.10.
1The modifications in Part 3 of FEES 4 Annex 2AR and Part 7 of FEES 4 Annex 11R apply.
Amount payable by the Society of Lloyds
1The SFGB money advice levy in relation to the Society is specified against its activity group in Part 1 of FEES 7A Annex 1R.
FEES 4 rules incorporated into FEES 7A by cross-reference
1The FCA Handbook provisions relating to the SFGB money advice levy and SFGB debt advice levy are meant to follow closely the provisions relating to the payment of periodic fees under FEES 4.3.1R. For brevity, not all of these provisions are set out again in FEES 7A. In some cases, certain FEES 4 rules are applied to the payment of the SFGB money advice levy and SFGB debt advice levy by individual rules in FEES 7A. The rest are set out in the table in FEES 7A.3.10R.
1The rules set out in the table in FEES 7A.3.10R and any other rules in FEES 4 included in FEES 7A by cross-reference apply to the SFGB money advice levy and SFGB debt advice levy in the same way as they apply to periodic fees payable under FEES 4.3.1R.
1Table of rules in FEES 4 that also apply to FEES 7A to the extent that in FEES 4 they apply to fees payable to the FCA
FEES 4 rules incorporated into FEES 7A |
Description |
Method of payment |
|
Modifications for persons becoming subject to periodic fees during the course of a fee year |
|
Calculating the fee in the firm’s first year of authorisation |
|
Calculating fees in the second fee-year where the firm received permission between 1 January and 31 March in its first fee year |
|
FEES 4.2.7HR to FEES 4.2.7KR |
Calculating all other fees in the second and subsequent years of authorisation where a full year of tariff data is not available |
Extension of time |
|
FEES 4.2.11R (first entry only) |
Due date and changes in permission for periodic fees |
Groups of firms |
|
Firms applying to cancel or vary permission before start of period |
|
Firms acquiring businesses from other firms |
|
Information on which fees are calculated |
1FEES 4.4.7D to FEES 4.4.9D (Information relating to payment services and the issuance of electronic money) also apply to FEES 7A.
1References in a FEES 4 rule incorporated into FEES 7A by cross-reference to a periodic fee should be read as being to the SFGB money advice levy and SFGB debt advice levy. References in a FEES 4 rule incorporated into FEES 7A to market operators, service companies, MTF operators, investment exchanges, or designated professional bodies should be disregarded.
1In some cases, a FEES 4 rule incorporated into FEES 7A in the manner set out in FEES 7A.3.8G will refer to another rule in FEES 4 that has not been individually incorporated into FEES 7A. Such a reference should be read as being to the corresponding provision in FEES 7A. The main examples are set out in FEES 7A.3.14G.
1Table of FEES 4 rules that correspond to FEES 7A rules
FEES 4 rules |
Corresponding FEES 7A rules |
Part 1 of FEES 4 Annex 2AR |
Part 1 of FEES 7A Annex 1R |
Part 2 of FEES 4 Annex 11R |
Part 1 of FEES 7A Annex 1R |
Part 5 of FEES 4 Annex 11R |
Part 1 of FEES 7A Annex 1R |