The PRA has issued Consultation Paper 8/14: Regulated fees and levies: rates proposals 2014/15 (CP8/14).
In CP8/14, the PRA sets out proposed fee rates to meet its 2014/15 annual funding requirement. The PRA also sets out the Policy Statement following an earlier consultation to make new fee rules for 2014/15.
Key points in CP8/14 include:
- the proposed annual funding requirement for the PRA for 2014/15 is £227.2 million (a decrease of 4% in overall funding from the previous year);
- the proposed allocation of costs to fee blocks differs to the previous fee year. This is due to the allocation of a greater proportion of frontline staff to insurance supervision work and the PRA’s expanded remit;
- the PRA will continue to levy a special Solvency II project fee relating to the non-internal model approval process (non-IMAP); and
- the proposed funding requirement for the non-IMAP Solvency II special project fee is £12.3 million.
The deadline for comments on the proposals in CP8/14 is 30 May 2014. The PRA expects the proposed rules to be finalised in June 2014.
Chapter 2 of CP8/14 sets out the final fee rules on which the PRA consulted on in October 2013. In this consultation, the PRA consulted on the 2014/2015 minimum fees, IMAP and non-IMAP Solvency II Special Project Fees for 2014/2015, changes to the method of calculating pro-rated fees for new joiners in their first year and the rates and mechanism for charging consumer credit application fees. The instrument setting out final rules can be found in Appendix 1 of CP8/14.
View Consultation Paper 8/14: Regulated fees and levies: rates proposals 2014/15, 2 April 2014
View PRA Fees (Miscellaneous Amendments) Instrument 2014, 26 March 2014
