Published on 13 June 2019
Regulated fees and levies: Rates proposals 2019/20 - PS12/19
Overview
This Prudential Regulation Authority (PRA) Policy Statement (PS) provides feedback to responses to Consultation Paper (CP) 9/19 ‘Regulated fees and levies: Rates proposals 2019/20’ (page 2 of 2), and sets out the PRA’s final policy, as follows:
- the fee rates to meet the PRA’s 2019/20 Annual Funding Requirement (AFR) for the financial period 1 March 2019 to 29 February 2020
- amendments to the Fees Part of the PRA Rulebook (Appendix 1)
- updates to Supervisory Statement (SS) 3/16 ‘Fees: PRA approach and application’ (Appendix 2)
This PS is relevant to all firms that currently pay PRA fees or are expecting to do so within the 2019/20 fee year (the 2019/20 fee year began on 1 March 2019 and will end on 29 February 2020).
Summary of responses
The PRA received one response to the CP which has not resulted in any changes being made to the proposals. Details on the response received can be found in Chapter 2 of this PS.
Implementation and next steps
The implementation date for the PRA PERIODIC FEES (2019/20) AND OTHER FEES INSTRUMENT 2019 and the updated SS3/16 ‘Fees: PRA approach and application’ is Monday 1 July 2019.
Policy Statement 12/19 Appendices
- Appendix 1: PRA RULEBOOK: PRA PERIODIC FEES (2019/20) AND OTHER FEES INSTRUMENT 2019 (PDF)
- Appendix 2: Supervisory Statement 3/16 ‘Fees: PRA approach and application’
Published on 15 April 2019
Regulated fees and levies: Rates proposals 2019/20 - CP9/19
Overview
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.
Implementation
The proposed implementation date for the proposals contained in this consultation is Monday 1 July 2019.
Responses and next steps
This consultation closed 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.