Mutual Societies Fees
See also
This page provides information for mutual societies registered by the FSA under the Industrial and Provident Societies Act 1965 and the Friendly Societies Act 1974.
Fees
Why are mutual societies invoiced by the FSA?
Societies pay an annual fee to the FSA for being registered either under the Industrial & Provident Societies Act 1965 or the Friendly Societies Act 1974. The registration function for mutual societies was transferred to the FSA from the Registry of Friendly Societies (RFS) on 1 December 2001.
How are fees calculated?
We have taken the total assets figure reported in your 2006 annual return and placed your society into one of our five fee catagories depending on the value of these assets. The level of fee in relation to total assets can be found on the table below. If your 2006 return was not submitted by 01 April 2007 we have used the total assets from your most recent return before this date.
| Fee Band | Total Assets |
2007/08 Fee |
|---|---|---|
| Band 1 | =<50,000 |
£50 |
| Band 2 | =<100,000 |
£95 |
| Band 3 | =<250,000 |
£155 |
| Band 4 | =<1,000,000 |
£210 |
| Band 5 | >1,000,000 |
£395 |
What do these fees cover?
The annual fee paid by a society allows it to register rule changes, record or register other kinds of constitutional changes or even de-register without having to pay an additional fee. The fee charged for 2007/08 covers the period 1 April 2007 to 31 March 2008.
We never register any rule changes. Why should we be effectively subsidising those who do?
The fee also covers the filing of the annual return, maintence of the public record file and enables us to answer queries we receive from societies and the public about any of the societies that are currently registered. Continuing registration also provides gateways to other benefits (e.g. liquor licenses, the ability to seek and obtain grants and other funding).
Why have fee rates increased from last year?
The overall FSA budgeted costs for 2007/08 have increased from last year. The fee rates have been adjusted this year to recover the mutual societies contribution to the annual funding requirement. Fee rates are finally determined by the number and size of the mutual societies that make up the billing population for 2007/08.
Can I pay by direct debit?
If you have a direct debit already set up with us, your bank details are shown at the bottom of the invoice. Please check these details and let us know immediately if they are incorrect. We will collect the total amount due on your invoice on or immediately after the invoice due date.
If you have not paid by direct debit before and wish to do so please phone the Firm Contact Center 0845 606 9966. You must do this within 15 days of the invoice due date. This will ensure we have enough time to set up the direct debit with your bank and collect your fee before the payment due date. In most cases we can set this up over the phone, please have your bank details ready when you call.
When do I have to pay / What happens if I pay late or do not pay?
Fees must be paid within 30 days of the date of the invoice. Societies who have not paid their invoice by the due date are liable to pay an administration fee for late payment. This fee is calculated at £250 plus daily interest at 5% above the Bank of England's repo rate from the due date. In addition, we will take our normal action of recovering outstanding debts through debt recovery services or legal action.
Annual Returns
Should we send the fee in with our annual return?
No, the annual fee and return are treated separately. You should send in your payment before the due date shown on the invoice to the Revenue Department at the FSA address. Your annual return is due 7 months after your financial year-end and should be sent to Returns Management & Analysis (Mutuals) at the FSA address.
Registration
We want to deregister, do we have to pay the fee?
Yes. Societies must have been de-registered prior to 1 April 2007 in order to avoid being liable for fees for the year 2007/08.
See information about de-registration or contact the Mutual Societies Helpline on 020 7066 8002 (option 1).
General
Can I have my invoices and correspondence sent to another address?
Only if you formally change the address of your Registered Office. See information on changing your registered office
or contact us on 020 7066 8002 (option 1).
My society is not registered with the FSA; why are the FSA sending us an invoice? We are not a insurance company, bank etc we're with the Friendly Societies?
Under the Financial Services and Markets Act the powers and responsibilities of the Registry of Friendly Societies were transferred to the FSA. That means that if your society was registered by the RFS it is now registered here at the FSA. The transfer took place on 1 December 2001.
Where can I find more information about my societies registration?
More information can be found by visiting the Mutual Societies web pages.
How can I find out whether the FSA has received my payment?
You can contact the Firms Contact Centre on 0845 606 9966. Alternatively, you can e-mail
fcc@fsa.gov.uk.
Below are links to documentation on fees
Payment methods
For details on how to pay your invoice.
FEES 2.2
For our rule on administrative fees for late payments and steps taken to recover outstanding amounts.
Contact details
For the fees team's contact details.