Industry Funding Levy Information for Intermediaries and Debt Management Firms

Funding Category C – Intermediaries and Debt Management Companies

The levy payable by retail intermediaries and debt management companies will be based on a minimum flat rate levy and a variable levy based on the portion of income from fees and income from commissions that exceed a specified threshold. 

Levy Calculation

The levy for retail intermediaries and debt management companies will be calculated as set out in Table 1 below:

Table 1

 

Minimum Levy plus Variable Levy

Intermediaries & Debt Management Firms

Minimum Levy

Variable Levy

C

Intermediaries (including Investment Product Intermediaries and Mortgage Intermediaries who hold authorisations under the Consumer Credit Act 1995)

 

€1,025

 

 

 

 

 

 

 

Variable Levy (V) is calculated as follows:

(A - B) x C

Where:

A = total of firm’s ‘Income from Fees’ and ‘Income from Commissions’ as reported in the firm’s On-Line Regulatory Return for the year ended 31 December 2019 which was due for submission to the Central Bank at end-June 2020 or the most recently received previous report from the firm.

B = threshold level of total ‘Income from Fees’ and ‘Income from Commissions’ of €200,000;

C = variable levy rate of 0.33%.

Income from Fees and Commissions

Income from Fees and Income from Commissions should, for levy calculation purposes, be shown before deduction of any commission payable to a third party.

Intermediaries that fail to submit their Online Regulatory Return in accordance with regulatory requirements shall be liable to a default levy amounting to €3,600.  This default levy will be cancelled, however, and replaced with a levy calculated in accordance with the entity's reported income from fees and commissions following submission of its Online Regulatory Return.

You can check these details by logging on Online Reporting System and viewing the details of your latest return.

Click here to read more on the annual levying process.