Invoicing and Payments
Periodic fees, which are payable by regulated firms on an annual basis, provide the majority of the funding required to enable the FSA to undertake its statutory functions. The amount payable by each firm will depend upon the category (or categories) of regulated activities it is engaged in (fee-blocks), and on the amount of business it conducts in each category.
Late payments
Fee-payers are now much more familiar with our fee arrangements, the way their fees are calculated and the timing of our invoicing cycle. We police late payment of fees in strict adherence with our rules in FEES 2.2. This is only fair to the vast majority of fee payers who pay on time.
If a firm does not pay the full amount of a fee by the due date, then that firm must pay an additional fee:
(1) an administrative fee of £250; plus
(2) if the fee was not paid in full before the end of the due date, interest on any unpaid part of the fee at the rate of 5% per annum above the Bank of England's repo rate from time to time in force, accruing on a daily basis from the date on which the amount concerned became due.
The terms of payment for FSA invoices is : 30 days from date of invoice.
If firms apply to pay their fees and levies via Premium Credit Limited, after the invoice due date, they will be liable for the late payment penalties.
Recovery of fees
Where it is necessary and reasonable to do so, we will not hesitate to begin civil action in the courts to recover fees due and/or take regulatory action against defaulting firms.
Useful links
- Sample invoice
- Frequently asked questions
- Payment methods
- FEES 4, Annex 1R - Fee-block definitions, fee rates and tariff bases