FEES App 1

Unauthorised Mutuals Registration Fees Rules

FEES App 1.1

Introduction

Application

FEES App 1.1.1

See Notes

handbook-rule
These rules apply to every:
(3) person who submits a proposal for the registration of a registered society.

FEES App 1.1.2

See Notes

handbook-guidance
The purpose of these rules is to set out the requirements for registered societies and sponsoring bodies to pay periodic and application fees which, together, will provide the funding for the FSA's functions in respect of the registrant-only fee block (Category F). This set of rules is in respect of the registration functions relating to registered societies transferred to the FSA by Part XXI (Mutual Societies) of the Financial Services and Markets Act 2000 ('the Act'), other than friendly societies authorised under section 31 of the Act.

Background

FEES App 1.1.3

See Notes

handbook-guidance
Most of the detail of the periodic fees which will be payable by registered societies is set out in Annex 1R to these rules, the provisions of which will vary from one financial year to another. Accordingly, a revised Annex 1R will come into force, following consultation, for each financial year. Most of the detail of the application fees which will be payable by registered societies and sponsoring bodies is set out in FEES App 1 Annex 1A, the provisions of which may not change each year.

FEES App 1.1.4

See Notes

handbook-guidance
FEES App 1 Annex 2 to these rules contains further information on the fees applicable to registered societies under these rules.

FEES App 1.1.5

See Notes

handbook-guidance
The periodic fee set for registered societies is a tiered fee, which is payable annually. The amount payable is dependent upon the R declared by the registered society in the most recent R required to be filed with the FSA.

FEES App 1.1.6

See Notes

handbook-guidance
The application fee payable to register a new society is a tiered fee: the amount payable for registration of a new society is dependent on whether the rules are based on a free draft or on model rules. Further, where model rules are used in the case of the registration of a new society other than a credit union, then the number of amendments made to the model rules will affect the fee. The application fee payable by a sponsoring body for a new set of model rules is a flat fee.

FEES App 1.1.7

See Notes

handbook-guidance
In these rules:
(1) an "R" in the margin or heading indicates that the provision is a rule, which creates binding obligations;
(2) a "G" in the margin or heading indicates that the provision is guidance, which is designed to throw light on a particular aspect of these rules, but which is not binding nor an exhaustive description of a person's obligations.

Glossary of definitions

FEES App 1.1.8

See Notes

handbook-rule
In these rules, an expression in italics has the meaning given in Annex 4R.

FEES App 1.2

Periodic Fees

General

FEES App 1.2.1

See Notes

handbook-rule
A registered society must pay to the FSA, in full and without deduction, the periodic fee applicable to it under Annex 1R for a financial year during which, or part of which, the society is registered, except as provided for in 1.2.5 R and 1.2.6 R.

Methods of payment

FEES App 1.2.3

See Notes

handbook-rule
A registered society must pay its periodic fee by one of the methods specified in Annex 1R.

Due dates

FEES App 1.2.4

See Notes

handbook-rule
A registered society must pay a periodic fee on or before the relevant due date for payment specified in Annex 1R for the relevant year.

Exceptions

FEES App 1.2.5

See Notes

handbook-rule
A registered society is not required to pay the periodic fee for the financial year in which it is first registered.

FEES App 1.2.5A

See Notes

handbook-rule
A registered society which has not been required to file an R before the commencement of a given fee year must pay the lowest periodic fee for a registered society specified in Annex 1R for that year.

FEES App 1.2.5B

See Notes

handbook-rule
If a registered society fails to file an R by the date it is required to be filed:
(1) the R used to determine the amount of the periodic fee payable by the registered society will be that shown in the R last filed with the FSA or its predecessor; and
(2) the registered society must pay an administrative fee equal to the lower of the periodic fee payable by the registered society under Annex 1R for that year, and £250.

FEES App 1.2.6

See Notes

handbook-rule
If a registered society ceases to be a registered society on or after 1 April in a particular financial year, but before an invoice for the periodic fee payable under 1.2.1 R for the financial year in which the society ceases to be a registered society has been issued by the FSA, the periodic fee payable by that registered society under 1.2.1 R is the amount of the periodic fee under Annex 1R for the immediately preceding financial year.

Extension of time

FEES App 1.2.8

See Notes

handbook-rule
A registered society need not pay a periodic fee on the date which it is due under the relevant provision in these rules, if:
(1) that date falls during a period during which circumstances of the sort set out in R (Emergencies) exist, and that registered society has reasonable grounds to believe that those circumstances impair its ability to pay the fee, in which case it must pay on or before the fifth business day after the end of that period; or
(2) that date would otherwise fall on or before the 30th day after the date on which the FSA has sent written notification to that registered society of the fee payable on that date, in which case it must pay on or before the 30th day after the date on which the FSA sends the notification.

Late payment

FEES App 1.2.9

See Notes

handbook-rule
If a registered society does not pay the total amount of a periodic fee or a fee payable under 1.4.2R on the date on which it is due under the relevant provisions of these rules, that registered society must pay an additional amount as follows:
(1) if the fee is not paid in full before the due date, an administrative fee of £250; plus
(2) if the fee is not paid in full before the end of 15 days after the due date, 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.

FEES App 1.2.10

See Notes

handbook-guidance
The FSA expects to issue invoices for periodic fees at least 30 days before the date on which they fall due. Accordingly, it will generally be the case that a registered society will have at least 30 days from the issue of the invoice before an administrative fee becomes payable, and at least 45 days before any interest becomes payable.

FEES App 1.2.11

See Notes

handbook-guidance
If a sponsoring body does not pay the required periodic fee for a set of by the due date, the rules will cease to be model rules and applications for the registration of societies that use the rules will be charged by the FSA as if the rules were a free draft.

Amending model rules

FEES App 1.2.12

See Notes

handbook-guidance
If a sponsoring body wishes to change a set of model rules, it should supply a copy to the FSA indicating the proposed changes. No application fee is payable for such changes.

Refunds

FEES App 1.2.13

See Notes

handbook-guidance
The FSA will not refund periodic fees in any circumstances.

FEES App 1.3

Application Fees

General

FEES App 1.3.1

See Notes

handbook-rule
A person who submits to the FSA a proposal for the registration of a society must pay to the FSA, in full and without deduction, the fee specified for the type of application under Annex 1AR.

FEES App 1.3.2

See Notes

handbook-rule
A sponsoring body wishing a set of rules to become model rules for the first time must pay to the FSA, in full and without deduction, the application fee specified in FEES App 1 Annex 1A.

Method of payment

FEES App 1.3.3

See Notes

handbook-rule
Application fees must be paid by the method specified in FEES App 1 Annex 1A.

Due dates

FEES App 1.3.4

See Notes

handbook-rule
A person making an application or submitting a proposal for the registration of a society must pay the application fee on, or before, making the application.

FEES App 1.3.5

See Notes

handbook-rule
A sponsoring body must pay the application fee for a new set of model rules on or before making the application.

FEES App 1.3.6

See Notes

handbook-guidance
The FSA may require the fee to be paid by the person making the application before the FSA undertakes any preliminary consideration of the proposed application or rules.

Refunds

FEES App 1.3.7

See Notes

handbook-guidance
The FSA will not refund application fees under any circumstances.

FEES App 1.3.8

See Notes

handbook-guidance
Paragraph 1.3.7G applies also in the case of applications that are not proceeded with where a fee has been paid in advance.

FEES App 1 Annex 1

Periodic Fees payable for the period 1 April 2012 to 31 March 2013

See Notes

handbook-rule
Part 1 Periodic fee payable by Registered Societies (on 30 June 2012)
This fee is not payable by a credit union. Part 2 Methods of payment of periodic fees

FEES App 1 Annex 1A

Application Fees payable

See Notes

handbook-rule
Part 1 Application fees payable to register a new society other than a credit union Part 2 Application fees payable by sponsoring bodies
This fee is not payable by sponsoring bodies in respect of the model rules of credit unions. Part 3 Method of payment of application fees

FEES App 1 Annex 2

Further information on fees

See Notes

handbook-guidance

FEES App 1 Annex 3

Emergencies

See Notes

handbook-rule

FEES App 1 Annex 4

Glossary of definitions

See Notes

handbook-rule
In these rules, an expression in italics has the meaning given below: