On 26 February 2016, the PRA issued a policy statement (PS7/16) providing feedback on responses to Consultation Paper 40/15. The policy statement is relevant to all PRA-regulated firms. Included in the policy statement are the supervisory statement and the final rules following CP40/15.
In CP40/15, the PRA set out proposals to redraft the FEES module of the Handbook to conform to the PRA Rulebook style. The consultation paper was part of a planned series of consultations aimed at replacing PRA Handbook material inherited from the FSA with a standalone Rulebook and reflected the commitment made in the PRA’s supervisory approach documents to create a set of rules specific to the needs of PRA-authorised firms.
The rules came into effect on 1 March 2016.
The structure of the Rulebook has not changed following consultation. The former Handbook material has been divided into five topic based chapters:
- Chapter 1: Application and definitions (formerly FEES 1).
- Chapter 2: Obligation to pay fees (formerly FEES 2).
- Chapter 3: Periodic fees, with periodic fees schedule (formerly FEES 4).
- Chapter 4: Regulatory transaction fees (formerly FEES 3, other than annex 9).
- Chapter 5: Special project fee for restructuring (formerly FEES 3, annex 9).
The FCA will continue to act as the collection agent for PRA fees. Arrangements for invoicing and collection will not change as a result of PS7/16.
Fee rates shown in the final rules are those in force for the 2015/16 fee year. Fee rates for 2016/17 will be consulted on in Spring 2016.