Regulated fees and levies: Adjustment to rates for 2017/18

Policy Statement 27/17 | Consultation Paper 17/17

Published on 6 November 2017

Regulated fees and levies: Adjustment to rates for 2017/18 – PS27/17

Overview

This Prudential Regulation Authority (PRA) policy statement (PS) provides feedback to responses to Consultation Paper (CP) 17/17 ‘Regulated fees and levies: Adjustment to rates for 2017/18’.

It sets out final rules intended to correct the fee rates for the PRA’s Annual Funding Requirement (AFR) for 2017/18 published in PS17/17 ‘Regulated fees and levies: rates for 2017/18’.

The appendix to this PS contains an update to Table III of the Periodic Fees Schedule in the Fees Part of the PRA Rulebook. The table sets out the final periodic fee rates applicable to PRA fee blocks other than the minimum and transition costs fee blocks for the fee year 2017/18. 

This PS is relevant to all firms that currently pay PRA fees or are expecting to do so within the 2017/18 fee year (1 March 2017 to 28 February 2018).

Feedback on consultation responses

The PRA received one response to the CP. The respondent noted the correct rates had already been invoiced to all firms. As a result, the rules will be implemented unchanged from the draft provided during the consultation process.

PDFPolicy Statement 27/17

Appendix

PDF PRA Rulebook: PRA periodic fees (2017/18) correction instrument 2017


Published on 12 September 2017

Regulated fees and levies: Adjustment to rates for 2017/18 – CP17/17

Background

This consultation paper (CP), sets out the Prudential Regulation Authority’s (PRA) proposal to correct the fee rates for the PRA’s Annual Funding Requirement (AFR) for 2017/18 published in Policy Statement (PS) 17/17 ‘Regulated fees and levies: rates for 2017/18’ (the PS). 

This CP is relevant to all firms that currently pay PRA fees or are expecting to do so within the 2017/18 fee year (1 March 2017 to 28 February 2018).

Summary of proposals

The fee rates published in the PS did not reflect the most up-to-date data received from firms prior to its publication. The PRA therefore proposes to correct the rates by amending Table III of the Fees Part of the PRA Rulebook (see Appendix).

The fee rates used in the fees calculator on the Financial Conduct Authority (FCA) website, and the invoices issued by the FCA to firms on behalf of the PRA for the 2017/18 year, reflect the correct rates.

For all firms, the correct fee rates will be lower than those published in the PS.

Responses and next steps

This consultation closes on Thursday 12 October 2017. The PRA proposes a one month consultation period as the correct rates have been invoiced to firms. The PRA invites feedback on the proposals set out in this consultation. Please address any comments or enquiries to CP17_17@bankofengland.co.uk.

PDFConsultation Paper 17/17

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