PRA is consulting on proposals for its fees and levies for 2016/17. The paper sets out proposals for:
- the fee rates to meet PRA’s 2016/17 Annual Funding Requirement (AFR) of £257.3 million;
- proposed rules for introducing a ring-fencing implementation fee to cover the expenses of work following the new ring-fencing regime taking effect;
- how PRA intends to distribute a refund from the 2015/16 AFR and the retained penalties for 2015/16; and
- a consequential amendment to the fees rules as a result of recent policy changes for credit unions.
PRA comments that the Solvency 2 special project fee will be removed, and some fee blocks will see a decrease and others an increase in fees. Among other measures that will decrease some firms’ fees is PRA’s distribution of retained financial penalties. There will also now only be one authorisation fee for all credit unions. The paper also includes a draft instrument to amend various parts of the Rulebook. Consultation closes 24 May. (Source: PRA consults on regulated fees and levies proposals)