S.I. No. 828/2005 - Central Bank Act 1942 (Financial Services Ombudsman Council) Levies and Fees Regulations (No. 3) 2005

S.I. No. 828 of 2005 .

CENTRAL BANK ACT 1942 (FINANCIAL SERVICES OMBUDSMAN COUNCIL) LEVIES AND FEES REGULATIONS (No. 3) 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 57BF 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. 3) 2005.

2.  These Regulations amend Paragraphs 9(d), 9(e) and 9(e)(II) of S.I. No. 329 of 2005 — Central Bank Act 1942 (Financial Services Ombudsman Council) Levies and Fees Regulations 2005 — by substituting Category N for Category D wherever it occurs.

3.  The Schedule to S.I. No. 329 of 2005 — Central Bank Act 1942 (Financial Services Ombudsman Council) Levies and Fees Regulations 2005 — is hereby amended by the substitution therefor of the Schedule to these Regulations.

Financial Services Ombudsman Council,

Financial Services Ombudsman's Bureau,

32 Upper Merrion Street,

Dublin 2.

SCHEDULE

Category A

Credit Institutions

Each credit institution shall pay, in respect of its liability for the year ended 31 December 2006, a levy calculated at the rate of €0.103 per retail customer as at 30 June 2005. A minimum levy of €500 is payable by each credit institution.

Category B

Insurance Undertakings

(a)  Each life assurance undertaking shall pay, in respect of its liability for the year ended 31 December 2006, a levy of 0.013% of its total gross premium income written on Irish risk business as stated in the Irish Financial Services Regulatory Authority Insurance Statistical Review 2004. A minimum levy of €500 is payable by each life assurance undertaking.

(b)  Each non-life insurance undertaking shall pay, in respect of its liability for the year ended 31 December 2006, a levy of 0.017% of its total gross premium income written on Irish risk business as stated in the Irish Financial Services Regulatory Authority Insurance Statistical Review 2004. A minimum levy of €500 is payable by each non-life insurance undertaking.

Category C

Credit Unions

Each credit union shall pay, in respect of its liability for the year ended 31 December 2006, a levy of 0.0026% of its total assets as at 30 September 2004 as supplied to the Bureau by the Irish Financial Services Regulatory Authority. A minimum levy of €150 is payable by each credit union.

Category D

Intermediaries — Including Investment Product Intermediaries Insurance Intermediaries and Mortgage Intermediaries who hold authorisations under the Consumer Credit Act 1995 .

Each intermediary shall pay, in respect of it liability for the year ended 31 December 2006, a levy calculated on the basis of 15% of the levy payable to the Irish Financial Services Regulatory Authority in 2005 (as prescribed in S.I. No. 273 of 2005 — Central Bank Act 1942 (Sections 33J and 33K) Regulations 2005). A minimum levy of €125 is payable by each intermediary.

Category E

Investment Business Firms (other than Investment Product Intermediaries), Collective Investment Schemes and other service providers, and Exchanges —Including designated fund managers; entities engaged in the receipt and transmission of orders and/or the provision of investment advice; entities engaged in portfolio management and the execution of orders; entities engaged in own account trading and underwriting; Stock Exchange member firms; authorised unit trusts authorised investment companies, and authorised investment limited partnerships; agency fund managers; service providers (manager/administrator and/or trustee) to collective investment schemes; approved stock exchanges; and financial futures and options exchanges.

Each of these financial service providers shall pay, in respect of its liability for the year ended 31 December 2006 a levy calculated on the basis of 15% of the levy payable to the Irish Financial Services Regulatory Authority in 2005 (as prescribed in S.I. No. 273 of 2005 — Central Bank Act 1942 (Sections 33J and 33K) Regulations 2005). A minimum levy of €750 is payable by each provider.

Category F

Moneylenders

Each approved moneylender shall pay, in respect of its liability for the year ended 31 December 2006, a levy calculated on the basis of 15% of the levy payable to the Irish Financial Services Regulatory Authority in 2005 (as prescribed in S.I. No. 273 of 2005 — Central Bank Act 1942 (Sections 33J and 33K) Regulations 2005). A minimum levy of €150 is payable by each moneylender.

Category G

Approved Professional Bodies

Each approved professional body shall pay, in respect of its liability for the year ended 31 December 2006, a levy calculated on the basis of 15% of the levy payable to the Irish Financial Services Regulatory Authority in 2005 (as prescribed in S.I. No. 273 of 2005 — Central Bank Act 1942 (Sections 33J and 33K) Regulations 2005). A minimum levy of €750 is payable by each body.

Category H

Bureaux de Change

Each bureau de change shall pay, in respect of its liability for the year ended 31 December 2006, a levy of €300.

Category I

Money Transmission Service Providers and E-Money Providers

Each provider shall pay, in respect of its liability for the year ended 31 December 2006, a levy of €300.

Category J

Voluntary Health Insurance Board

The Board shall pay, in respect of its liability for the year ended 31 December 2006, a levy of 0.017% of total gross premium income for the year ended 31 December 2004.

Category K

Pawnbrokers

Each authorised pawnbroker shall pay, in respect of its liability for the year ended 31 December 2006, a levy of €200.

Category L

Other Regulated Financial Service Providers

Each financial service provider as prescribed in Regulation 2(a), (c), (d), (e) and (f) of S.I. No. 191 of 2005 — Central Bank Act 1942 (Financial Services Ombudsman Regulations 2005 — shall pay, in respect of its liability for the year ended 31 December 2006, a levy of €300. Intermediaries already included under Category D and mortgage lenders and hire purchase concerns who also operate as credit institutions are not covered by this category.

Category M

All Other Regulated Entities

Where the Bureau is required to investigate a complaint against any other regulated entity during the year ended 31 December 2006, that entity will be required to pay a flat rate levy contribution of €750 per complaint.

Category N

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 57BE and 57BF 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. 329 of 2005 ) and provide for a scheme of levies on regulated entities to fund the operation of the Financial Services Ombudsman's Bureau for the year ended 31 December 2006.