Published on 30 June 2015
Regulated fees and levies: rates for 2015/16 - PS13/15
In March 2015 the Prudential Regulation Authority (PRA) consulted on the regulatory fees and levies for the fee year 2015/16 to support the PRA’s strategic priorities and business aims.
Overview of PS13/15
This policy statement (PS) summarises the feedback received to the consultation (CP10/15) and provides the PRA’s response to this feedback. The PS sets out:
- fee rates to meet the PRA’s 2015/16 Annual Funding Requirement (AFR);
- fee rates for the Special Project Fee (SPF) for Solvency II;
- fee rates for the SPF for restructuring; and
- the PRA’s revised Financial Penalty Scheme (FPS).
The PRA received seven responses to CP10/15 ‘Prudential Regulation Authority - Regulated fees and levies: rates proposals 2015/16’. These came from trade bodies, insurance firms and credit unions. Having carefully considered the feedback, the PRA deems that the rules set out in this policy statement are appropriate for the PRA to perform its functions effectively. No amendments have been made to the policy as proposed in the CP as a result of the consultation. The PRA’s fee rates have been updated from those presented in the CP following finalisation of the PRA’s accounts.
Policy Statement 13/15Published on 19 March 2015
Regulated fees and levies: rates proposals 2015/16 – CP10/15
This consultation paper proposes the fee rates to meet the Prudential Regulation Authority’s (PRA) 2015/16 Annual Funding Requirement and the 2015/16 rates for Special Project Fees for the financial period 1 March 2015 to 28 February 2016 for dual regulated Financial Conduct Authority /PRA firms.
The consultation is relevant to all PRA-authorised firms.
Summary of the key proposals covered by the consultation paper
The consultation seeks views on the PRA’s proposed:
- fee rates to meet the PRA’s 2015/16 Annual Funding Requirement;
- fee rates in respect of the Special Project Fee for Solvency II;
- fee rates for the Special Project Fee for restructuring; and
- amendment to the PRA Financial Penalty Scheme.
The paper also sets out how the PRA intends to distribute refunds from the 2014/15 Annual Funding Requirement and Solvency II Special Project Fee.
Response
The consultation closed on Tuesday 19 May 2015.