This consultation paper (CP) sets out proposals for the Prudential Regulation Authority’s (PRA) fees 2019/20. The proposals would make amendments to the Fees Part of the PRA Rulebook (Appendix 1), and Supervisory Statement (SS) 3/16 ‘Fees: PRA approach and application’ (Appendix 2). The proposals include:
- the fee rates to meet the PRA’s 2019/20 Annual Funding Requirement (AFR);
- replacing the Ring-fencing Implementation Fee (RFIF) with the Ring-fencing Fee (RFF);
- the continuation of the PRA’s periodic fees discount to EEA firms in the context of the current UK and EU regulatory framework;
- changes to the PRA’s fees rules in the event of the United Kingdom’s withdrawal from the European Union without a deal;
- how the PRA intends to recoup a shortfall from the 2018/19 AFR and distribute a surplus from the 2018/19 RFIF; and
- how the PRA intends to distribute the retained penalties for 2018/19.
This consultation is relevant to all firms that currently pay PRA fees or are expecting to do so within the 2019/20 fee year (1 March 2019 to 29 February 2020).
Information on the PRA’s strategy, workplan, and budget for 2019/20 which would be funded by the fee rates proposed in this consultation paper is set out in the ‘PRA Business Plan 2019/20’, which has also been published today.
The proposed implementation date for the proposals contained in this consultation is Monday 1 July 2019.
Responses and next steps
This consultation closes on Tuesday 14 May 2019. The PRA invites feedback on the proposals set out in this consultation. Please address any comments or enquiries to CP9_19@bankofengland.co.uk.