Firms which are authorised by ICAI to conduct investment business under the Investment Intermediaries Act 1995 (IIA) may have recently received an invoice for €125 from the Financial Services Ombudsman.
If your firm, or an entity associated with it, is directly authorised by the Financial Regulator for either investment business purposes under the IIA or for mortgage intermediary activity under the Consumer Credit Act then the levy is payable.
However, where your firm is authorised only by ICAI for the purposes of the IIA, the levy may not be payable subject to further clarification and discussion with the Ombudsman. It is not necessary, therefore, to discharge the levy until these discussions conclude.
The Financial Services Ombudsman has advised that statements are about to be issued to firms in respect of the outstanding amounts. In line with the above advice, the Ombudsman has agreed that only those firms with direct authorisation from the Financial Regulator need pay this amount at this stage.