Financial Services and Pensions Ombudsman Act 2017

43.

Financial services industry levy

43. (1) In this section, “Council regulations” means regulations made by the Council, with the consent of the Minister, under subsection (4).

(2) Each financial service provider shall be liable to pay an annual charge (in this Act referred to as the “financial services industry levy”) in respect of the services provided by the Ombudsman to the financial services industry.

(3) The financial services industry levy shall be paid to the Office on or before the date prescribed by the Council in regulations, in respect of the period concerned and in the manner specified by the Council.

(4) The Council shall, with the consent of the Minister, prescribe by regulation the financial services industry levy to be paid having regard to the expenditure incurred or reasonably expected to be incurred by the Office in relation to complaints received by the Office in relation to financial service providers.

(5) The Council regulations may, having had regard to the number and type of complaints received by the Ombudsman, prescribe a different financial services industry levy under subsection (4) in respect of different financial service providers or different classes of financial service providers.

(6) The amount of the financial services industry levy prescribed under subsection (4) shall not exceed those sums necessary to fund the operation of the Office having regard to the income and expenditure mentioned in section 19.

(7) The Council regulations may prescribe—

(a) having had regard to one or more of the following:

(i) the amount of the outstanding levy or annual charge;

(ii) the length of delay in payment of the outstanding levy or charge;

(iii) a pattern, if any, of failure to pay, or to pay on time, the levy or charge,

the penalties that shall be payable in cases of failure to pay the financial services industry levy or failure to pay the annual charge on time,

(b) requirements in relation to the keeping of records and making of returns to the Office by persons who are liable to pay the financial services industry levy,

(c) requirements in relation to the collection and recovery of the financial services industry levy by the Office,

(d) general or special exemptions from the payment of the financial services industry levy (wholly or partly) in different circumstances,

(e) a reduction in the financial services industry levy having regard to the method of payment of the charge, and

(f) the financial service providers and different classes of financial services required to pay the financial services industry levy.

(8) The financial services industry levy shall be recoverable by the Office as a simple contract debt in any court of competent jurisdiction.

Annotations

Editorial Notes:

E6

Power pursuant to subs. (4) exercised (4.03.2022) by Financial Services and Pensions Ombudsman Act 2017 [Financial Services and Pensions Ombudsman Council] Financial Services Industry Levy Regulations 2022 (S.I. No. 93 of 2022), in effect as per reg. 2.

E7

Power pursuant to subs. (4) exercised (19.03.2021) by Financial Services and Pensions Ombudsman Act 2017 (Financial Services and Pensions Ombudsman Council) Financial Services Industry Levy Regulations 2021 (S.I. No. 117 of 2021), in effect as per reg. 2.

E8

Power pursuant to subs. (4) exercised (27.03.2020) by Financial Services and Pensions Ombudsman Act 2017 (Financial Services and Pensions Ombudsman Council) Financial Services Industry Levy Regulations 2020 (S.I. No. 89 of 2020), in effect as per reg. 2.

E9

Power pursuant to subs. (4) exercised (10.05.2019) by Financial Services And Pensions Ombudsman Act 2017 (Financial Services And Pensions Ombudsman Council) Financial Services Industry Levy Regulations 2019 (S.I. No. 201 of 2019), in effect as per reg. 2.

E10

Power pursuant to subs. (4) exercised (25.06.2018) by Financial Services and Pensions Ombudsman Act 2017 (Financial Services and Pensions Ombudsman Council) Financial Services Industry Levy Regulations 2018 (S.I. No. 214 of 2018), in effect as per reg. 2.