S.I. No. 330/2005 - Central Bank Act 1942 (Financial Services Ombudsman Council) Levies and Fees Regulations (No 2) 2005

S. I. No. 330 of 2005.

Central Bank Act 1942 (Financial Services Ombudsman Council) Levies and Fees Regulations (No 2) 2005

I, Dr Con Power, Chairperson of the Financial Services Ombudsman Council, in exercise of the powers conferred on the Council by Sections 57BE and 57 BF of the Central Bank Act 1942 (as inserted by the Central Bank and Financial Services Authority of Ireland Act 2004 ) and delegated by the Council to me, with the agreement of the members of the Council, and with the consent of the Minister for Finance, hereby make the following regulations:

1.   These Regulations may be cited as the Central Bank Act 1942 (Financial Services Ombudsman Council) Levies and Fees Regulations (No 2) 2005

2. These Regulations amend Paragraph's 9(d), 9(e) and 9(e)(II) of S.I. No ( ) by substituting Category [E] for Category [D] wherever it occurs.

3. The Schedule to SI No ( ) is hereby amended by the substitution therefor of the Schedule to these Regulations.

SCHEDULE

Category A

Members of the Credit Institutions Ombudsman of Ireland Ltd.

The members shall pay, in respect of their combined liability for the nine month period ended 31 December 2005, the sum of €750,000. Any payments on account made by Members of the Credit Institutions Ombudsman of Ireland Ltd shall be deducted from the members' liability.

Category B

Insurance Undertakings

The undertakings shall pay, in respect of their combined liability for the nine month period ended 31 December 2005, a levy calculated on the basis of total gross premium income per undertaking written on Irish Risk Business as stated in the Irish Financial Services Regulatory Authority Insurance Statistical Review 2003. - A levy of 0.012% of total premium income per undertaking will apply to Life Assurance Companies and a levy of 0.016% of total premium income will apply to Non Life Companies. Any payments on account made by Members of the Insurance Ombudsman of Ireland Ltd shall be deducted from the member's respective individual liabilities.

A minimum levy of €500 is payable by each undertaking.

Category C

Credit Unions

The credit unions shall pay, in respect of their combined liability for the nine month period ended 31 December 2005, a levy calculated on the basis of assets per undertaking at 30 September 2004 as supplied to the Bureau by the Irish Financial Services Regulatory Authority. - A total levy of 0.0026% based on the total assets of each Credit Union as at 30 September 2004.

A minimum levy of €150 is payable by each credit union.

Category D

All other regulated entities

Where the Financial Services Ombudsman's Bureau is required to investigate a complaint against any other regulated entity during the nine month period ending 31 December 2005 that entity will be required to pay a flat rate levy contribution of €650 per complaint.

Category E

Default assessments

Each regulated entity falling within Regulation 9(d) shall pay a flat rate levy contribution of €3,600.

Explanatory Note

(This note is not part of the Instrument and does not purport to be a legal interpretation)

These regulations made by the Chairperson of the Financial Services Ombudsman Council in accordance with sections 57 BE and 57 BF of the Central Bank Act 1942 (as amended) amend the Central Bank Act 1942 (Financial Services Ombudsman Council) Levies and Fees Regulations 2005 (S.I. No ) which provides for a levy scheme as a contribution to the funding of the Financial Services Ombudsman's Bureau by regulated entities for the nine month period ending on 31 December 2005 . The 2005 Regulations also provide for the collection and recovery of the levies as well as providing for certain obligations as to self-assessment and record keeping by regulated financial service providers.