A firm will be required to pay a periodic fee for every year during which it has a permission subject to any reductions or exemptions applicable under this chapter. The FSA will issue invoices to firms and expects to do so at least 30 days before the dates on which payments will fall due under SUP 20.2.7 R.1
for each of those tariffs, calculate the sum payable in relation to the business of the firm for that period;
add together the amounts calculated under (2);
apply any applicable payment charge or discount specified in SUP 20.2.7A R, provided that:
an amount equal to 50% of the periodic fee payable for the previous year, by 30 April in the financial year to which the sum due under SUP 20.2.1 R relates; and
the balance of the periodic fee due for the current financial year by 1 September in the financial year to which that sum relates.
If a firm has applied to cancel its Part IV permission in the way set out in 6.4.5 (Cancellation of permission), then (2) and (3) do not apply but it must pay the total amount due when the application is made.
If the FSA has exercised its own-initiative powers to cancel a firm'sPart IV permission in the way set out in ENF 5 (Cancellation of Part IV permission on the FSA's own initiative), then (2) and (3) do not apply but the firm must pay the total amount due immediately before the cancellation becomes effective.21
If the payment made does not satisfy in full the periodic fees payable by all of the members of the group notified to the FSA under SUP 20.2.8 R, the FSA will apply the sum received among the firms which have been identified in the notification given under SUP 20.2.8 R (1) in proportion to the amounts due from them. Each firm will remain responsible for the payment of the outstanding balance attributable to it.