Home FCA Handbook FEES FEES 2 FEES 2.2 Late Payments and Recovery of Unpaid Fees
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FEES 2.2 Late Payments and Recovery of Unpaid Fees

Late Payments

01/01/2021R

If a person does not pay the total amount of a periodic fee, FOS levy, or share of the FSCS levy, CFEB levy or SFGB levy, TPR SFGB levy or TPR DA levy before the end of the date on which it is due, under the relevant provision in FEES 4, 4A, 5, 6, 7, 7A, 7C or 7D that person must pay an additional amount as follows:

  1. (1)

    if the fee was not paid in full before the end of the due date, an administrative fee of £250; plus

  2. (2)

    interest on any unpaid part of the fee at the rate of 5% per annum above the Official Bank Rate from time to time in force, accruing on a daily basis from the date on which the amount concerned became due.

01/01/2021G

The FCA, (for FCA and PRA periodic fees, FOS and FSCS levies, SFGB levies, TPR SFGB levies and a TPR DA levy), expects to issue invoices at least 30 days before the date on which the relevant amounts fall due. Accordingly it will generally be the case that a person will have at least 30 days from the issue of the invoice before an administrative fee becomes payable.

Recovery of Fees

01/01/2021G
  1. (1)

    Paragraph 23(8) of Schedule 1ZA of the Act permits the FCA to recover fees (including fees relating to payment services, the issuance of electronic money, CBTL firms, data reporting services providers, designated credit reference agencies, designated finance platforms and, where relevant, FOS levies, SFGB levies, TPR SFGB levies and a TPR DA levy).

  2. (2)

    Section 213(6) of the Act permits the FSCS to recover shares of the FSCS levy payable, as a debt owed to the FCA and FSCS respectively.

  3. (3)

    The FCA and FSCS, as relevant, will consider taking action for recovery (including interest) through the civil courts.

01/01/2021G

In addition, the FCA may be entitled to take regulatory action in relation to the non-payment of fees, FOS levies, SFGB levies, TPR SFGB levies and a TPR DA levy. The FCA may also take regulatory action in relation to the non-payment of a share of the FSCS levy, after reference of the matter to the FCA by the FSCS. What action (if any) that is taken by the FCA will be decided upon in the light of the particular circumstances of the case.