On 13 February 2019, the PRA published Policy Statement 3/19: PRA fees and levies – changes to periodic and transaction fees (PS3/19). In PS3/19 the PRA provides feedback to the responses to Consultation Paper 28/18: PRA fees and levies: Changes to periodic and transaction fees (CP28/18). It also sets out the PRA’s final policy on:

• a revised approach to periodic fees for designated investment firms;
• amending the approach to periodic fees for life insurers;
• updating the Part VII regulatory transaction fees for insurers;
• updating the internal model application fees for insurers;
• updating the internal model application and model maintenance fees for DIFs;
• updating the rules relating to the provision of relief from PRA fees in exceptional circumstances (all PRA-regulated firms);
• other minor corrections to PRA fees rules (all PRA-regulated firms); and
• updates to Supervisory Statement 3/16: Fees – PRA approach and application (all PRA-regulated firms)

The new requirements come into force on 1 March 2019.