On 21 July 2023, the Bank of England (BoE) issued a consultation paper setting out proposals for the fee rates to meet its 2023/4 funding requirement for its financial market infrastructure (FMI) supervisory activity and the policy activity that supports it. The consultation paper also sets out the BoE’s application of special project fees for 2023/24.
The total cost for the 2023/24 fee year of the BoE’s FMI supervisory activity and policy activity that supports this and is within scope of the BoE’s fee-levying powers, is expected to be £13.8 million, representing an increase of 19% on the total fees levied in 2022/23 of £11.6 million, although these numbers are not directly comparable due to changes in the population of supervised firms.
The deadline for responding to the consultation paper is 21 September 2023. The proposed implementation date for the proposals contained in the consultation is Q3 of the 2023/24 fee year (i.e., September–December 2023 inclusive), at which point invoices are expected to be issued for the 2023/24 fee year.