Published on 07 July 2020
Regulated fees and levies: rates for 2020/21 – PS16/20
This Prudential Regulation Authority (PRA) Policy Statement (PS) provides feedback to responses to Consultation Paper (CP) 4/20 ‘Regulated fees and levies: Rates proposals 2020/21’. It also contains the PRA’s final policy, as follows:
- the fee rates to meet the PRA’s 2020/21 Annual Funding Requirement (AFR) for the financial period Sunday 1 March 2020 to Sunday 28 February 2021;
- amendments to the Fees Part of the PRA Rulebook (Appendix 1); and
- updates to Supervisory Statement (SS) 3/16 ‘Fees: PRA approach and application’ (Appendix 2).
Summary of responses
The PRA received five responses to the CP. No changes have been made to the proposals outlined in the CP as a result of these responses. Details of the responses received can be found in Chapter 2 of the PS.
The implementation date for the PRA FEES AMENDMENT INSTRUMENT 2020 and the updated SS3/16 ‘Fees: PRA approach and application’ is Tuesday 7 July 2020.
Published on 09 April 2020
Regulated fees and levies: Rates proposals 2020/21 - CP 4/20
This consultation paper (CP) sets out proposals for the Prudential Regulation Authority’s (PRA) fees for 2020/21. The proposals would make amendments to the Fees Part of the PRA Rulebook (Appendix 1 and 2), and Supervisory Statement (SS) 3/16 ‘Fees: PRA approach and application’ (Appendix 3). The proposals include:
- the fee rates to meet the PRA’s 2020/21 Annual Funding Requirement (AFR);
- updating the hourly rates for special project fees for restructuring to reflect current PRA costs;
- simplifying the variation of permission regulatory transaction fees;
- setting out how the PRA intends to distribute a surplus from the 2019/20 AFR; and
- how the PRA intends to distribute the retained penalties for 2019/20.
This consultation is relevant to all firms that currently pay PRA fees or are expecting to do so within the 2020/21 fee year.
Information on the PRA’s strategy and workplan for the coming year, which will be funded by the Total Funding Requirement, is set out in the ‘PRA Business Plan 2020/21’, published alongside this CP.
The proposed implementation date for the proposals contained in this consultation is Tuesday 7 July 2020.
Responses and next steps
This consultation closes on Friday 15 May 2020. The PRA invites feedback on the proposals set out in this consultation. Please address any comments or enquiries to CP04_20@bankofengland.co.uk.