How the annual Industry Funding Levy is calculated
The method of calculating a financial service provider’s annual levy varies depending on the industry classification within which the provider falls.
There are currently 13 categories (A to M) contained in the Regulations. A financial service provider may fall into more than one industry category. In such a case, the financial services provider must pay the levy for each category.
For example: a credit union (Category F) may also hold a multi-agency intermediary authorisation (Category C) and is therefore obliged to pay the levy for both categories.
The levy that a financial services provider must pay for each category will depend on the basis of calculation for that industry category.
For example: the method of levy calculation for intermediaries (Category C) is based upon self-declared annual income.
2009 Industry Funding Levy Categories
Full details of the varying bases of individual levy calculations can be accessed through each of the category links below, and in the 
Guide to Industry Funding Regulations.
Levy notices
The Financial Regulator sends almost all financial service providers a levy notice after the regulations are made. The levy must be paid no later than 28 days from the date on the levy notice. If a financial services provider fails to pay the levy by the required date, the Financial Regulator may take steps to recover the amount of the levy. Recovery action may include court proceedings.
However, if a financial service provider does not receive a levy notice, they are still legally obliged to pay the levy calculated in accordance with the appropriate industry category as set out in the Regulations.
In such a case, the financial service provider should request a copy of the levy notice by email: funding.pfd@financialregulator.ie
Payment methods
The preferred methods of payment are by Direct Debit or Electronic Funds Transfer (EFT).
Download a Direct Debit form here.
If paying by EFT: to ensure payments are dealt with efficiently, all EFT payments must include details of the levy notice number and the account number. Failure to include the required details may result in the payment being returned and the levy remaining due.
Other payment methods
Payment by cheque will also be accepted. They should be made payable to IFSRA No. 1 account.
Download this document for full details of the payment options available.
Appeals
A financial service provider may appeal the levy amount to the Chief Executive of the Financial Regulator but must do so within the timeframe and in the manner set out in the Regulations. A financial services provider may only dispute the amount of assessment. A financial services provider cannot dispute an amount correctly calculated from the Regulations.
In order to appeal, a financial services provider must:
- dispute the calculation of the levy because of either an incorrect figure,or an incorrect category or categories;
- include the grounds for appeal against the amount assessed;
- include any supporting documentation (if any); and
- pay the undisputed balance of the levy.
After an appeal is considered and the financial services provider is notified of the decision, the financial services provider must pay the balance of the levy owing (if any) within 10 days.