This consultation paper (CP) sets out proposals for the Prudential Regulation Authority’s (PRA) fees and levies for 2018/19. The proposals include:
- the fee rates to meet the PRA’s 2018/19 Annual Funding Requirement (AFR);
- amendments to the Ring-fencing Implementation Fee (RFIF) rules;
- amendments to the International Financial Reporting Standard (IFRS) 9 Implementation Fee rules;
- an amendment to the Model Maintenance Fee rules;
- amendments to the rules for determining fees for non-directive general insurers and for all firms where data to calculate fees has not been reported;
- how the PRA intends to distribute a surplus from the 2017/18 AFR, the Ring-fencing Implementation Fee and the IFRS9 Implementation Fee; and
- how the PRA intends to distribute the retained penalties for 2017/18.
This consultation is relevant to all firms that currently pay PRA fees or are expecting to do so within the 2018/19 fee year.
Information on the PRA’s strategy and workplan for the coming year and how it intends to use the funding it receives is set out in the ‘PRA Business Plan 2018/19’, which has been published alongside this fees consultation.
The proposed implementation date for the proposals contained in this consultation is Sunday 1 July 2018.
This consultation closes on Monday 21 May 2018. The PRA invites feedback on the proposals set out in this consultation. Please address any comments or enquiries to CP7_18@bankofengland.co.uk.Consultation Paper 7/18