On 11 April 2024, the Prudential Regulation Authority (PRA) published a Consultation Paper, CP4/24, on its regulated fees and levies, setting out rates proposals for 2024/25. The proposals would make amendments to the Fees Part of the PRA Rulebook (Appendix).

The proposals include:

  • Amending the fee rates to meet the PRA’s 2024/25 Annual Funding Requirement (AFR).
  • Changes to the internal model application fees, the model maintenance fee and the fee payable for insurance business transfers under Part VII of the Financial Services and Markets Act 2000.
  • Setting out how the PRA intends to allocate the surplus from the 2023/24 AFR.
  • The retained penalties for 2023/24.

CP4/24 is relevant to all firms that currently pay PRA fees or are expecting to do so within the 2024/25 fee year.

Next steps

The consultation closes on 10 May 2024. The PRA proposes that the implementation date for the changes resulting from CP4/24 would be 3 July 2024.