Regulation 11 Interest and recoveryI1

This regulation applies if all or part of a fee under these Regulations is unpaid by the time when it is required to be paid.

The OfS may charge an institution interest on the unpaid amount of the fee for the time being at the rate specified in paragraph (3) accruing on a daily basis until the unpaid amount is paid in full.

The rate of interest for the purpose of paragraph (2) is the percentage per annum found by applying the following formula—

“Bank of England rate” means the official bank rate as announced at the most recent meeting of the Bank of England Monetary Policy Committee M1.

The total amount of the interest imposed under paragraph (2) must not exceed the amount of the fee.

The OfS may recover from the institution, as a civil debt due to it, the unpaid amount of the fee and any unpaid interest.