This regulation applies where all or any part of a fee payable under these Regulations by the governing body of an institution remains unpaid by the date on which it is required to be paid.

The OfS may charge the governing body interest on the unpaid amount of the fee for the time being at the rate specified in paragraph (3) accruing on a daily basis until the unpaid amount is paid in full.

The rate is the percentage per annum found by applying the following formula—

• Bank of England rate + 5

where the “Bank of England rate” is the official bank rate announced at the most recent meeting of the Monetary Policy Committee of the Bank of England4.

The total amount of interest charged under paragraph (2) must not exceed the amount of the fee.

The OfS may recover from the governing body, as a civil debt due to the OfS, the unpaid amount of the fee and the amount of any unpaid interest charged under paragraph (2).