Background
The ICCL operates a self-assessment model for participant firms to determine the appropriate individual annual levy.
Click here to see the annual levy payable by a Fund A firm which is based upon its number of eligible clients.
Click here to see the annual levy payable by a Fund B firm which is based upon its income derived from investment and insurance business.
Verification of self-assessed returns
In circumstances where a firm fails to submit the self assessment return of their eligible client numbers or income figures, payment will be deemed to constitute a return. The ICCL advises the Central Bank of Ireland of the self-assessed returns made by participant firms which may then be subject to verification by the Bank as part of its ongoing supervisory process.
Guidance for Fund A participant firms in determining their eligible client numbers is available here.
Incorrect self-assessed returns
Section 43(7) of the Act provides that any person who provides misleading information, (e.g. in relation to self assessment of eligible client numbers or total investment and insurance income), in purported compliance with its obligations under the Act will be committing an offence. In circumstances where a firm fails to submit the self assessment return of their eligible client numbers or income figures, payment will be deemed to constitute a return. Summary proceedings in relation to an offence under section 47 may be brought and prosecuted by the Director of Public Prosecutions or by the Bank.
ICCL’s Refunds Policy
Am I entitled to a refund if I make a mistake in my self-assessment for the ICCL levy purposes?
The amount of annual levy to be paid in any year to the ICCL is calculated by the participating firm on a self-assessment basis by reference to the agreed funding categories and number of eligible clients or income bands as set out in the ICCL's Funding Arrangements.
Requests for refunds from participating firms, on the basis that they have remitted levies based on overstated eligible client numbers or income, will be entertained by the ICCL if the error is notified to the ICCL within the same funding year as the relevant annual levy is paid. Refunds in respect of previous years will only be considered in exceptional circumstances.
The main justifications for this approach are:
(a) The ICCL is acting on trust and in good faith on information supplied to it by professional firms with regard to their eligible client numbers or income.
(b) The ICCL predicates its funding position and requirements on this data and indeed has paid out compensation in failure cases on the basis that those funds were available to it.
(c) once levies are credited to a particular Fund, the Act (section 19) places restrictions on the extent to which payments, other than compensation payments, may be made from such funds.
In exceptional circumstances and on the basis of a detailed written submission of the facts, the ICCL may consider requests for refunds in respect of previous years.
In assessing such submissions, the ICCL:
(1) will take account of the materiality of the impact of the ICCL's policy on the individual firm's ability to pay and must also be satisfied that it is fair and reasonable on the other firms in the Fund
(2) will require the firm to provide independent verification of income/eligible client numbers in the event of a refund claim
(3) reserves the right to arrange an independent assessment of a refund claim, where deemed appropriate.
Pro-Rata Refunds
Firms that have paid the annual levy in full and whose authorisation is revoked during the ICCL’s funding year (i.e. subsequent to the ICCL’s annual billing process which takes place in August each year), will be invited to claim a pro-rata refund of the annual levy they have paid. The refund will be calculated on a pro-rata basis for each calendar month during which the firm was no longer authorised. On receipt of notification from the Bank that the firm is no longer authorised, the ICCL will initiate the refund request. The refund application must be received within six months of the date of revocation.
Exception - In circumstances where two participant firms merge during a funding year, the pro-rata refund policy will not apply.
Fund A firms subject to the Bank's Client Asset Regulations ("CAR") are required to meet a minimum additional regulatory requirement. While the ICCL is aware that firms subject to the CAR undertake additional internal compliance and are subject to additional supervision from the Central Bank of Ireland, it is clear that these firms pose the greatest risk to the operation of the Scheme. In circumstances where a firm is subject to the CAR, and, it also has eligible clients, the firm will be required to pay an additional levy of 10% to reflect this increased risk.
| Band |
Number of eligible
clients
|
August 2026 to July 2027
Not subject to CAR
|
August 2026 to July 2027
Subject to CAR
|
| 0 |
Zero |
€1,490 |
€1,490 |
| 1 |
1 - 49 |
€5,520 |
€6,070 |
| 2 |
50 - 749 |
€8,270 |
€9,100 |
| 3 |
750 - 2,499 |
€16,550 |
€18,210 |
| 4 |
2,500 - 4,999 |
€27,580 |
€30,340 |
| 5 |
5,000 - 9,999 |
€38,610 |
€42,470 |
| 6 |
10,000 - 19,999 |
€49,640 |
€54,600 |
| 7 |
20,000 - 29,999 |
€60,670 |
€66,740 |
| 8 |
30,000 - 39,999 |
€71,700 |
€78,870 |
| 9 |
40,000 - 49,999 |
€82,740 |
€91,010 |
| 10 |
50,000 - 74,999 |
€93,770 |
€103,150 |
| 11 |
75,000 - 99,999 |
€101,490 |
€111,640 |
| 12 |
100,000 - 124,999 |
€109,210 |
€120,130 |
| 13 |
125,000 - 149,999 |
€116,930 |
€128,620 |
| 14 |
150,000 - 174,999 |
€124,660 |
€137,130 |
| 15 |
175,000 - 199,999 |
€132,380 |
€145,620 |
| 16 |
200,000 - 224,999 |
€140,100 |
€152,110 |
| 17 |
225,000 - 249,999 |
€147,820 |
€162,600 |
| 18 |
250,000 - 274,999 |
€155,540 |
€171,090 |
| 19 |
275,000 - 299,999 |
€163,270
|
€179,600 |
| 20 |
300,000 - 324,999 |
€170,990 |
€188,090 |
| 21 |
325,000 - 349,999 |
€178,710 |
€196,580 |
| 22 |
350,000 - 374,999 |
€186,430 |
€205,070 |
| 23 |
375,000 - 399,999 |
€194,150 |
€213,570 |
| 24 |
400,000 - 424,999 |
€201,880 |
€222,070 |
| 25 |
425,000 - 449,999 |
€209,600 |
€230,560 |
| 26 |
450,000 - 474,999 |
€217,320 |
€239,050 |
| 27 |
475,000 - 499,999 |
€225,040 |
€247,540 |
| 28 |
500,000 - 524,999 |
€232,760 |
€256,040 |
| 29 |
525,000 - 549,999 |
€240,490 |
€264,540 |
| 30 |
550,000 - 574,999 |
€248,210 |
€273,030 |
| 31 |
575,000 - 599,999 |
€255,930 |
€281,520 |
| 32 |
600,000 - 624,999 |
€263,650 |
€290,020 |
| 33 |
625,000 - 649,999 |
€271,370 |
€298,510 |
| 34 |
650,000 - 674,999 |
€279,100 |
€307,010 |
| 35 |
675,000 - 699,999 |
€286,820 |
€315,500 |
| 36 |
700,000 - 724,999 |
€294,540 |
€323,990 |
| 37 |
725,000 - 749,999 |
€302,260 |
€332,490 |
| 38 |
750,000 - 774,999 |
€309,980 |
€340,980 |
| 39 |
775,000 - 799,999 |
€317,710 |
€349,480 |
| 40 |
800,000 - 824,999 |
€325,430 |
€357,970 |
| 41 |
825,000 - 849,999 |
€333,150 |
€366,470 |
| 42 |
850,000 - 874,999 |
€340,870 |
€374,960 |
| 43 |
875,000 - 899,999 |
€348,590 |
€383,450 |
| 44 |
900,000 - 924,999 |
€356,320 |
€391,950 |
| 45 |
925,000 - 949,999 |
€364,040 |
€400,440 |
| 46 |
950,000 - 974,999 |
€371,760 |
€408,940 |
| 47 |
975,000 - 999,999 |
€379,480 |
€417,430 |
| 48 |
1,000,000 - 1,024,999 |
€387,200 |
€425,920 |
| 49 |
1,025,000 - 1,049,999 |
€394,930 |
€434,420 |
| 50 |
1,050,000 - 1,074,999 |
€402,650 |
€442,920 |
| Level |
Income Band Structure |
Funding Year 1 August 2026 to 31 July 2027
|
| 1 |
€0 - €150,000 |
€70 |
| 2 |
€150,001 - €400,000 |
€130 |
| 3 |
€400,001 - €700,000 |
€180 |
| 4 |
€700,001 - €1.5m |
€340 |
| 5 |
€1,500,001 - €3m |
€600 |
| 6 |
€3,000,001 - €6m |
€1,070 |
| 7 |
€6,000,001 - €15m |
€4,360 |
| 8 |
€15,000,001 - €25m |
€7,040 |
| 9 |
> €25,000,000 |
€8,710 |