On 8 April 2021, the PRA published Consultation Paper 8/21 ‘Regulated fees and levies: Rates proposals 2021/22’ (CP8/21).

CP8/21 is relevant to all firms that currently pay PRA fees or are expecting to do so within the 2021/22 fee year.

The proposals in CP8/21 cover:

• 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 regulatory transaction fees.
• How the PRA intends to distribute a surplus from the 2020/21 AFR; and the retained penalties for 2020/21.

The deadline for comments on CP8/21 is 20 May 2021.

The PRA proposes to publish the changes resulting from CP8/21 on 6 July 2021 and they are expected to be effective from 8 July 2021.