Published on 30 June 2016
Regulated fees and levies 2016/17 - PS18/16
In March 2016 the Prudential Regulation Authority (PRA) published Consultation Paper (CP) 10/16, to consult on:
- fee rates to meet the PRA’s 2016/17 Annual Funding Requirement (AFR);
- fee rates in respect of a ring-fencing implementation fee; and
- a new single rate authorisation fee for credit unions.
CP10/16 also set out how the PRA intends to refund unspent budget from the 2015/16 AFR, 2015/16 Solvency II special project fee (SPF) and application of the retained penalties for 2015/16. This policy statement (PS) summarises the feedback received on CP10/16 and provides the PRA’s response. It sets out the final fee rates and rules to recover the PRA’s AFR and ring-fencing implementation fee for the financial period 1 March 2016 to 28 February 2017. This PS is relevant to all PRA-authorised firms. For a full overview of proposals, PS18/16 should be read in conjunction with CP10/16.
Appendix 1
PRA PERIODIC FEES (2016/2017) AND OTHER FEES INSTRUMENT 2016
Published on 24 March 2016
Regulated fees and levies: rates proposals 2016/17 – CP10/16
This consultation paper (CP) consults on proposals for the PRA’s fees and levies for 2016/17.
The consultation is relevant to all PRA-authorised firms.
Summary of proposals
The CP includes:
(a) the fee rates to meet the PRA’s 2016/17 Annual Funding Requirement (AFR);
(b) proposed rules for introducing a ring-fencing implementation fee;
(c) how the PRA intends to distribute a refund from the 2015/16 AFR and the retained penalties for 2015/16; and
(d) a consequential amendment to the fees rules as a result of recent policy changes for credit unions.
Response
The consultation closed on Tuesday 24 May 2016.
Feedback on the consultation and final rules will be published in a policy statement in June 2016.