S.I. No. 628/2024 - Consumer Protection Act 2007 (Competition and Consumer Protection Commission) Levy (No. 2) Regulations 2024

Notice of the making of this Statutory Instrument was published in

“Iris Oifigiúil” of 12th November, 2024.

The Competition and Consumer Protection Commission (the ‘Commission’), in the exercise of its power to impose levies conferred on the Commission by Section 24B of the Consumer Protection Act 2007 as approved by the Minister for Enterprise, Trade and Employment and with the consent of the Minister for Finance, hereby makes the following Regulations:

Citation

1. These Regulations may be cited as the Consumer Protection Act 2007 (Competition and Consumer Protection Commission) Levy (No. 2) Regulations 2024.

2. These Regulations come into operation on 15 November 2024.

Interpretation

3. In these Regulations:

‘2011 Regulations’ means Consumer Protection Act 2007 (Competition and Consumer Protection Commission) Levy Regulations 2011 ( S.I. No. 560 of 2011 );

‘2024 Regulations’ means Consumer Protection Act 2007 (Competition and Consumer Protection Commission) Levy Regulations 2024 ( S.I. No. 14 of 2024 );

‘Bank’ means the Central Bank of Ireland;

‘Commission’ means the Competition and Consumer Protection Commission;

‘Consumer’ means a natural person who is acting wholly or mainly for purposes unrelated to the person’s trade, business or profession;

‘Chairperson’ means the Chairperson for the time being of the Commission;

‘due date’ means

(a) the day that falls 28 days after the date of the levy notice or,

(b) the day that falls 28 days after the expiry date of the levy period to which these Regulations apply;

‘levy’ means a levy imposed under section 24B of the Consumer Protection Act 2007 ;

‘levy notice’ means the notice sent by, or on behalf of, the Commission in accordance with Regulation 6;

‘levy period’ means the period prescribed in the Schedule to these Regulations in respect of which regulated entities are obliged to pay the required levy contribution;

‘levy contribution’ means the amount expressed in the Euro currency that a regulated entity is required to pay to the Commission;

‘payment date’ means the date specified as the payment date in the levy notice being the latest date by which the levy contribution must be paid;

‘regulated entity’ means persons who are subject to regulation under the designated enactments and designated statutory instruments (within the respective meanings given by the Central Bank Act 1942 ). It includes financial service providers whose business is subject to regulation by an Authority that performs functions in an EEA country that are comparable to the functions performed by the Bank under a designated enactment or designated statutory instrument, and also includes former regulated entities who are regulated for part of the levy period and ‘regulated entities’ shall be construed accordingly;

‘Schedule’ means the schedule to these Regulations.

Application

4. These Regulations prescribe the application of levies and levy contributions payable by regulated entities. The levies relate to the function of the Commission in promoting and protecting the interests of consumers of financial services by:

(a) providing information in relation to financial services including information in relation to the costs to consumers, and the risks and benefits associated with the provision of those services, and

(b) promoting the development of financial education and capability.

5. All persons who are, or have been, regulated entities as categorised in the Schedule to these Regulations shall pay the required levy contribution to the Commission for each levy period in which they are, or have been, subject to regulation by the Bank. Where a regulated entity has been subject to regulation by the Bank for part of a levy period only, then the required levy contribution shall be calculated by reference to the number of days of such levy period for which the entity was regulated.

Levy Notice

6. The Commission may transmit, or may arrange the transmission of, a levy notice in writing to a regulated entity indicating the required levy contribution payable by that regulated entity for the levy period and the payment date for submission of payment of the levy contribution.

7. A regulated entity not having received a levy notice remains liable to pay the levy contribution not later than 28 days after the expiry date of the levy period to which these Regulations apply. The levy contribution in these circumstances will be calculated by such regulated entity by reference to the Schedule hereto and shall be paid by such regulated entity to the Commission by the due date referred to in this Regulation.

Levy Contribution

8. Each regulated entity to which these Regulations apply shall pay to the Commission a levy contribution. Such a levy contribution is calculated in accordance with the relevant section of the Schedule applicable to that particular regulated entity.

9. A regulated entity must provide the information requested by the Commission for purposes of calculating the amount of levies to be imposed on that entity by the date specified in the request.

Payment Date

10. A regulated entity shall pay the levy contribution in respect of the levy period as provided for in the Schedule no later than 28 days from the date on the levy notice.

Payments

11. All levy contributions are payable in the Euro currency and in a single instalment.

12. The levy contribution shall be paid in such manner as indicated in the levy notice.

13. Without prejudice to any other remedy available to the Commission, where a levy contribution has not been paid by the due date, interest shall accrue thereon in accordance with the provisions of the European Communities (Late Payment in Commercial Transactions) Regulations 2012 ( S.I. No. 580 of 2012 ).

14. Every sum payable by a regulated entity under these Regulations, including interest, for or on account of the Commission shall be recoverable by the Commission from that regulated entity as a simple contract debt in a court of competent jurisdiction.

Appeals

15. A regulated entity or former regulated entity which receives a levy notice under Regulation 6, may appeal to the Chairperson, no later than 28 days following the date on the levy notice, to change the amount of the levy contribution assessed for that regulated entity where it considers the amount assessed is incorrect.

16. Any such appeal must be in writing and shall set out the grounds of the appeal in detail with full disclosure of all relevant facts. Any such appeal must be accompanied by the full levy contribution as set out in the levy notice. In the event of a successful appeal, the Commission will reimburse such sums as the Chairperson directs to the particular regulated entity.

Keeping of Records

17. Each regulated entity shall keep full and true records of all transactions that affect their liability under these Regulations and any related returns. A record kept by a person pursuant to this Regulation and in the case of any such record that has been given by the person to another person, any copy thereof that is in the power or control of the first mentioned person shall be retained by that person for a period of 6 years from the date of the last transaction to which the record relates. This Regulation shall not apply to records of a regulated entity that have been disposed of in accordance with section 707 of the Companies Act 2014 .

18. The Commission may exercise any of the powers and perform any of the functions and duties imposed on the Commission by these Regulations through or by any of the authorised officers or employees of the Commission or by persons seconded to the Commission or by persons engaged or retained by the Commission to exercise any of the powers and perform any of the functions as set out in these Regulations on its behalf.

Revocations and Savings

19. The following regulations are revoked with effect from the commencement of these Regulations:

a) the 2011 Regulations save as provided in regulation 20;

b) Consumer Protection Act 2007 (Competition and Consumer Protection Commission) Levy Regulations 2012 ( S.I. No. 435 of 2012 );

c) Consumer Protection Act 2007 (Competition and Consumer Protection Commission) Levy Regulations 2013 ( S.I. No. 409 of 2013 );

d) Consumer Protection Act 2007 (Competition and Consumer Protection Commission) Levy Regulations 2014 ( S.I. No. 458 of 2014 );

e) Consumer Protection Act 2007 (Competition and Consumer Protection Commission) Levy Regulations 2015 ( S.I. No. 457 of 2015 );

f) Consumer Protection Act 2007 (Competition and Consumer Protection Commission) Levy Regulations 2016 ( S.I. No. 479 of 2016 );

g) Consumer Protection Act 2007 (Competition and Consumer Protection Commission) Levy Regulations 2017 ( S.I. No. 423 of 2017 );

h) Consumer Protection Act 2007 (Competition and Consumer Protection Commission) Levy Regulations 2018 ( S.I. No. 425 of 2018 );

i) Consumer Protection Act 2007 (Competition and Consumer Protection Commission) Levy Regulations 2019 ( S.I. No. 509 of 2019 );

j) Consumer Protection Act 2007 (Competition and Consumer Protection Commission) Levy Regulations 2020 ( S.I. No. 305 of 2020 );

k) Consumer Protection Act 2007 (Competition and Consumer Protection Commission) Levy Regulations 2021 ( S.I. No. 257 of 2021 );

l) Consumer Protection Act 2007 (Competition and Consumer Protection Commission) Levy Regulations 2022 ( S.I. No. 24 of 2022 ); and

m) Consumer Protection Act 2007 (Competition and Consumer Protection Commission) Levy Regulations 2023 ( S.I. No. 48 of 2023 ).

20. The 2011 Regulations shall continue to apply to the 2024 Regulations until such time as the 2024 Regulations are revoked.

SCHEDULE

Levy period: A 12-month period commencing on 1 January 2025 and ending on 31 December 2025.

Credit Institutions

Each credit institution shall pay, in respect of its liability for the year ending 31 December 2025, a levy contribution calculated at the rate of €0.2419 per retail customer as at 31 December 2023. A minimum levy of €500 is payable by each credit institution.

Insurance Undertakings

(a) Each life assurance undertaking shall pay, in respect of its liability for the year ending 31 December 2025, a levy contribution calculated on the basis of 0.00113% of its total net premium income written on Irish risk business for the year ended 31 December 2023. A minimum levy of €500 is payable by each life assurance undertaking.

(b) Each non-life insurance undertaking (other than those designated as ‘captive’ insurers by the Bank) shall pay, in respect of its liability for the year ending 31 December 2025, a levy contribution calculated on the basis of 0.016713% of its total net premium income written on Irish risk business for the year ended 31 December 2023. A minimum levy of €500 is payable by each non-life insurance undertaking.

Investment Firms

Each investment firm shall pay, in respect of its liability for the year ending 31 December 2025, a levy contribution calculated at the rate of €0.9809 per retail client as at 31 December 2023. A minimum levy of €50 is payable by each investment firm.

Credit Unions

Each credit union shall pay, in respect of its liability for the year ending 31 December 2025, a levy contribution calculated on the basis of 0.0023873% of its total assets as at 30 September 2023, or if these asset figures are not available, of its total assets as at 30 September in the most recent year available, as supplied to the Commission by the Bank. A minimum levy of €50 is payable by each credit union.

High Cost Credit Providers

Each high cost credit provider shall pay, in respect of its liability for the year ending 31 December 2025, a levy contribution of €964.

Retail Credit Firms

Each retail credit firm shall pay, in respect of its liability for the year ending 31 December 2025, a levy contribution calculated on the basis of 0.0009636% of the value of outstanding loans, consumer hire agreements, hire purchase and finance and / or operational leases at 31 December 2023, as reported to the Commission by the firms. A minimum levy of €50 is payable by each retail credit firm.

Home Reversion Firms

Each home reversion firm shall pay, in respect of its liability for the year ending 31 December 2025, a levy contribution calculated on the basis of 0.0009636% of the value of outstanding shareholding at 31 December 2023, as reported to the Commission by the firms. A minimum levy of €50 is payable by each home reversion firm.

GIVEN under the seal of Competition and Consumer Protection Commission,

11 November, 2024.

BRIAN MCHUGH,

Chairperson.

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 Competition and Consumer Protection Commission in accordance with Section 24B of the Consumer Protection Act 2007 revoke the Consumer Protection Act 2007 (National Consumer Agency) Levy Regulations 2011 ( S.I. No. 560 of 2011 ) and provide for a levy scheme to fund the provision of information in relation to financial services including information in relation to the costs to consumers, the risks and benefits associated with the provision of those services and promoting the development of financial education and capability. The Regulations also provide for the collection of the levy with associated requirements and obligations for the regulated entities subject to this levy.