Regulation 5 Payment of the fraud compensation levy

The fraud compensation levy shall be payable on the first day of a financial year (“payable date”).

If the amount of any fraud compensation levy payable is not notified under section 189(7)(c) of the Act (notice of amount of levy) to the trustees or managers of a scheme before the payable date, the levy is payable within the period of 28 days beginning with the date on which the notification is given.