SCHEDULE 1 The Financial Services Authority
Part III Penalties and Fees
Fees
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(1)
The Authority may make rules providing for the payment to it of such fees, in connection with the discharge of any of its functions under or as a result of this Act, as it considers will (taking account of its expected income from fees and charges provided for by any other provision of this Act) enable it—
(a)
to meet expenses incurred in carrying out its functions or for any incidental purpose;
(b)
to repay the principal of, and pay any interest on, any money which it has borrowed and which has been used for the purpose of meeting expenses incurred in relation to its assumption of functions under this Act or the M1Bank of England Act 1998; and
(c)
to maintain adequate reserves.
(2)
In fixing the amount of any fee which is to be payable to the Authority, no account is to be taken of any sums which the Authority receives, or expects to receive, by way of penalties imposed by it under this Act.
(3)
Sub-paragraph (1)(b) applies whether expenses were incurred before or after the coming into force of this Act or the M2Bank of England Act 1998.
(4)
Any fee which is owed to the Authority under any provision made by or under this Act may be recovered as a debt due to the Authority.