What is the new proposal about interest on late payments?
If a fee payer does not pay its FSA invoices by the due date, interest (in addition to an administrative fee of £250) is payable on the unpaid amount. However, the interest only becomes payable 15 days after the due date. This means that firms settling overdue invoices within 15 days of the due date do not pay the interest on the outstanding amount, even though interest has accrued. To ensure we treat late payers consistently, we are proposing to amend our policy so that interest becomes payable from the due date and not 15 days later.
