Financial Services and Pensions Ombudsman Act 2017 [Financial Services and Pensions Ombudsman Council] Financial Services Industry Levy Regulations 2020

JurisdictionIreland
CitationIR SI 89/2020
Year2020

Notice of the making of this Statutory Instrument was published in

“Iris Oifigiúil” of 27th March, 2020.

The Financial Services and Pensions Ombudsman Council, in exercise of the powers conferred on the Council by section 43 (4) of the Financial Services and Pensions Ombudsman Act 2017 and with the consent of the Minister for Finance, hereby makes the following Regulations:-

Citation

1. These Regulations may be cited as the Financial Services and Pensions Ombudsman Act 2017 [Financial Services and Pensions Ombudsman Council] Financial Services Industry Levy Regulations 2020.

Commencement

2. These Regulations come into operation on 27 March 2020.

Definitions

3. In these Regulations—

“Act” means the Financial Services and Pensions Ombudsman Act 2017 ;

“Bank” means the Central Bank of Ireland;

“Council” means the Financial Services and Pensions Ombudsman Council;

“Chairperson” means the Chairperson for the time being of the Council;

“Credit Institutions Register” means the Credit Institutions Register as published from time to time by the Central Bank;

“Due date” means the date specified as the due date in the levy notice;

“Financial Service Provider” means a financial service provider as defined in

Section 2 of the Act;

“Levy” means the financial services industry levy;

“Levy notice” means notice sent by the Office in accordance with Regulation 5;

“Levy period” means the period prescribed in Regulation 4(b) and in the Schedule in respect of which financial service providers are obliged to pay the required levy contributions;

“Office” means the Office of the Financial Services and Pensions Ombudsman;

“Ombudsman” means the Financial Services and Pensions Ombudsman for the time being;

“Required levy contribution” means the levy contribution in Regulation 4;

“Schedule” means the Schedule to these Regulations.

Annual Charge

4 (a) Each financial service provider shall pay to the Office an annual charge, being the required levy contribution, in respect of the services provided by the Ombudsman to the financial services industry, the amount of which is specified in, or calculated in accordance with, that Part of the Schedule that relates to the applicable category or categories for that financial service provider.

4. (b) The required levy contribution shall be paid to the Office in respect of the levy period as specified in the Schedule and shall be payable not later than the date set out in the levy notice.

Levy Notice

5. (a) The Office may transmit, or may arrange the transmission of, a levy notice in writing to a financial service provider indicating the required levy contribution assessed by the Office to be payable by that financial service provider for the levy period.

5. (b) The Office may require a financial service provider in writing to make an assessment, on the basis of the information in the possession of the financial service provider, of the amount of the required levy contribution to be paid by that financial service provider for the levy period, and to make a return to the Office of such assessment. The Office may indicate what information in respect of what periods any required assessment may be based upon. Where a financial service provider is required to make an assessment and return under this paragraph, the assessment and return must be made within such period, not less than 7 working days, as the Office may require.

Payment of Required Levy Contribution

6. The required levy contribution shall be paid by direct bank transfer or equivalent instantaneous transfer of funds to the bank account specified by the Office, or in such other manner as the Office may direct.

Appeal of Levy Notice

7. (a) A financial service provider who receives a levy notice under paragraph (a) of Regulation 4, may appeal to the Ombudsman, no later than 21 days following the date of issue of a levy notice by the Office, to change the amount of the levy assessed for that financial service provider where it considers that the amount assessed is incorrect. Any such appeals must be in writing to the Ombudsman, setting out the grounds of the appeal in detail and must be accompanied by the amount of required levy contribution that is not in dispute. Where relevant the appeal should include any supporting documentation or representations. Such a written appeal must be addressed to the Ombudsman.

7 (b) The Ombudsman, after considering any such appeal, shall advise the appellant and the Office in writing of his decision and the reason therefor and, where appropriate, any amount of required levy contribution not already paid shall be payable by the financial service provider to the Office within 7 working days after the date of issue of the notification of the decision of the Ombudsman to the appellant.

Interest

8. Where an amount of required levy contribution becomes payable under these Regulations and is not paid by the due date, the financial service provider shall become liable to a penalty of interest on the amount of the required levy contribution outstanding, to be calculated on a simple interest basis. Such interest shall be calculated from the date on which the outstanding amount became payable at the rate for the time being fixed by the Minister for Business, Enterprise and Innovation under Section 10 of the Prompt Payment of Accounts Act, 1997 for each day or part of a day during which the outstanding amount remains unpaid.

Records

9. (a) Each financial service provider shall, and shall in accordance with a direction (if any) as may be given by the Office, keep full and true records of all transactions which affect their liability under these Regulations and any related returns made.

9. (b) A record kept by a person pursuant to paragraph (a) of this Regulation and, in the case of any such record that has been given by the person to another person, any copy thereof that is in the power or control of the first-mentioned person shall be retained by that person for a period of six years from the date of the last transaction to which the record relates:

Provided that this Regulation shall not apply to records of a company that have been disposed of in accordance with Section 707(1) of the Companies Act, 2014.

9. (c) No person shall, in purported compliance with a provision of these Regulations, provide an answer or explanation, make a statement or produce or deliver any return, certificate, balance sheet or other document which is false in a material particular.

9. (d) A financial service provider that —

(i) fails to comply with any requirement under these Regulations to make an assessment;

(ii) fails to maintain records in accordance with these Regulations;

(iii) in breach of paragraph (c) of this Regulation provides any answer or explanation, or makes a statement or produces or delivers any return certificate, balance sheet or other document that is false; or

(iv) otherwise fails to comply with a provision of these Regulations thereby failing to pay, or preventing the collection of, any or all of the required levy contribution or thereby preventing a full and proper assessment of their liability under these Regulations,

shall be subject to a penalty of an amount assessed by the Office under Category P in the Schedule and the Office may send a levy notice to such a financial service provider indicating that basis of assessment.

9 (e) In the event of a financial service provider being assessed under Regulation 8(d) of these Regulations and Category [P] of the Schedule —

(i) any monies already paid by the financial service provider in purported compliance with any provision of these Regulations shall be credited to the financial service provider;

(ii) the due date in respect of the required levy contribution under...

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