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Application provision

1.1 Unless otherwise stated, this Part applies to:

  1. (1) the FSCS;
  2. (2) a firm;
  3. (3) a dormant account fund operator; and
  4. (4) the Society.

4.1

12/10/2016

A firm or a dormant account provider (and, where applicable, the Society) must pay its share of a MERS levy in one payment.

4.2

12/10/2016

A share of a MERS levy is due on, and payable within, 30 days of the date when the invoice is issued.

4.3

12/10/2016

A firm or a dormant account fund operator (and, where applicable, the Society) must pay its share of a MERS levy by either direct debit, credit transfer (e.g. BACS or CHAPS), cheque, Maestro, Visa Debit or by credit card (Visa/Mastercard/American Express only).

4.4

12/10/2016

The FSCS may reduce, remit or refund any overpaid amounts paid in respect of a MERS levy in respect of a particular period, due to a mistake of law or fact by a firm, a dormant account fund operator or, where applicable, the Society, provided that the claim is made by the firmdormant account fund operator or, where applicable, the Society not more than two years after the beginning of the period to which the overpayment relates.

4.5

03/07/2015

If a firm or a dormant account fund operator (and, where applicable, the Society), does not pay the total amount of its share of a MERS levy, before the end of the date on which it is due, it must pay an additional amount as follows:

  1. (1) if the MERS levy was not paid in full before the end of the due date, an administrative fee of £250; and
  2. (2) interest on any unpaid part of the MERS levy or administrative 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.