Published on 28 June 2013
Prudential Regulation Authority - Regulated fees and levies: rates for 2013/14 - PS4/13
In April 2013 the Prudential Regulation Authority (PRA) consulted on the regulatory fees and levies for the fee year 2013/14 to support the PRA’s strategic priorities and business aims. This policy statement informs the industry of the final fees rates to recover the PRA’s Annual Funding Requirement (AFR) and the Special Project Fee (SPF) for Solvency II.
Overview of PS 4/13
- Overall the PRA received twelve responses to the consultation, primarily from trade bodies and firms representing the insurance market and credit unions, but also from building societies and a wealth management firm.
- Having carefully considered all feedback the PRA believes that the fees for the financial year 2013/14 are appropriate for the PRA to perform its functions. The PRA is not making any changes to the annual funding requirement for fee year 2013/14 or to the methodology which recovers the costs of regulation from the industry.
- The policy statement details the final PRA (AFR 2013/14), allocation to fee blocks and fee block tariff rates. It also gives the final SPF to be levied for Solvency II to recover the costs of development and implementation.
- The policy statement finalises the arrangements for the PRA Financial Penalty Scheme.
Published on 9 April 2013
Prudential Regulation Authority - Regulated fees and levies: rates proposals 2013/14 - CP3/13
On 9 April 2013, the Prudential Regulation Authority (PRA) issued a consultation paper on the fee rates to meet its 2013/14 annual funding requirement (AFR).
Summary of the key issues covered by the consultation paper
- Overview of the PRA’s strategic priorities and business aims and summary of key proposals.
- Fees timetable and invoicing arrangements - administrative arrangements for invoicing, data collection and payment of PRA fees.
- PRA (AFR 2013/14) and allocation to fee blocks.
- Periodic fees for authorised firms - calculation of applicable minimum and variable periodic fees to recover AFR allocations from the fee blocks.Special project fees for Solvency II - recovery of the project development and implementation costs of SII.
- PRA Financial Penalty Scheme.
Responses were to be received by 9 June 2013