The Secretary of State may, from time to time, notify the FCA of the amount of—
that the Secretary of State considers should be recovered under this section.
Where the Secretary of State has notified the FCA of an amount of expenses under subsection (1), the FCA must make rules for imposing levies with a view to recovering—
The rules must require the payment to the FCA of specified sums, or sums calculated in a specified way, by—
Before the FCA publishes a draft of rules to be made under this section it must consult the Secretary of State.
The rules may be made only with the consent of the Secretary of State.
The Secretary of State may notify the FCA of matters that will be taken into account when deciding whether or not to give consent under subsection (5).
The FCA must have regard to any matters notified under subsection (6) before publishing a draft of rules to be made under this section.
The FCA must pay the Secretary of State the sums it receives under rules made under this section, apart from those paid to recover the expenses mentioned in subsection (2)(b) (which the FCA may keep).
Subsection (10) applies where—
The Secretary of State need not arrange for the sums received under the rules to be paid back, but must, when next notifying an amount to the FCA under subsection (1), take into account the fact that the sums received included an amount representing expenses that were not in fact incurred.
In this section—
"electronic money issuer" means a person who is an electronic money issuer for the purposes of the Electronic Money Regulations 2011 (S.I. 2011/99) as a result of falling within any of paragraphs (a) to (e) and (h) to (j) of the definition in regulation 2(1);
"payment service provider" means a person who is a payment service provider for the purposes of the Payment Services Regulations 2017 (S.I. 2017/752) as a result of falling within any of paragraphs (a) to (h) of the definition in regulation 2(1).