Published on 6 July 2021
PS15/21 | CP8/21 - Regulated fees and levies: Rates for 2021/22
Overview
This Prudential Regulation Authority (PRA) Policy Statement (PS) provides feedback to responses to Consultation Paper (CP) 8/21 ‘Regulated fees and levies: Rates proposals 2021/22’ (page 2 of 2). It also contains the PRA’s final policy, as follows:
- the fee rates to meet the PRA’s 2021/22 Annual Funding Requirement (AFR) for the financial period Monday 1 March 2021 to Monday 28 February 2022 (‘fee year’); and
- amendments to the Fees Part of the PRA Rulebook (Appendix 1).
This PS is relevant to all firms that currently pay PRA fees or are expecting to do so within the 2021/22 fee year.
Summary of responses
The PRA received four responses to the CP. Respondents made a number of observations and requests for clarification which are set out in Chapter 2. No changes have been made to the proposals outlined in the CP as a result of these responses.
Implementation
The implementation date for the PRA FEES AMENDMENT (No 2) INSTRUMENT 2021 is Thursday 8 July 2021.
The policy set out in this PS has been designed in the context of the United Kingdom (UK) having left the European Union (EU) and the transition period having come to an end. Unless otherwise stated, any references to EU or EU-derived legislation refer to the version of that legislation which forms part of retained EU law.
Policy Statement 15/21Appendix
Published on 8 April 2021
CP8/21 - Regulated fees and levies: Rates proposals 2021/22
Overview
This Consultation Paper (CP) sets out proposals for the Prudential Regulation Authority’s (PRA) fees for 2021/22. The proposals would make amendments to the Fees Part of the PRA Rulebook (Appendix). The proposals include:
- the fee rates to meet the PRA’s 2021/22 Annual Funding Requirement (AFR);
- fees applicable to firms in the temporary regimes;
- changes to new firm authorisation fees and Variation of Permission (VoP) regulatory transaction fees;
- setting out how the PRA intends to distribute a surplus from the 2020/21 AFR; and the retained penalties for 2020/21.
This CP is relevant to all firms that currently pay PRA fees or are expecting to do so within the 2021/22 fee year.
Implementation
The PRA proposes to publish the changes resulting from this CP on Tuesday 6 July 2021 and they are expected to be effective from Thursday 8 July 2021.
Responses and next steps
This consultation closes on Thursday 20 May 2021. The PRA invites feedback on the proposals set out in this consultation. Please address any comments or enquiries to CP8_21@bankofengland.co.uk.
The proposals set out in this CP have been designed in the context of the UK having left the European Union and the transition period having come to an end. Unless otherwise stated, any references to EU or EU derived legislation refer to the version of that legislation which forms part of retained EU law. The PRA will keep the policy under review to assess whether any changes would be required due to changes in the UK regulatory framework.