Background
In March 2015 the Prudential Regulation Authority (PRA) consulted on the regulatory fees and levies for the fee year 2015/16 to support the PRA’s strategic priorities and business aims.
Overview of PS13/15
This policy statement (PS) summarises the feedback received and provides the PRA’s response to this feedback. The PS sets out:
- fee rates to meet the PRA’s 2015/16 Annual Funding Requirement (AFR);
- fee rates for the Special Project Fee (SPF) for Solvency II;
- fee rates for the SPF for restructuring; and
- the PRA’s revised Financial Penalty Scheme (FPS).
The PRA received seven responses to consultation paper (CP) 10/15 ‘Prudential Regulation Authority - Regulated fees and levies: rates proposals 2015/16’. These came from trade bodies, insurance firms, firms representing the insurance industry and credit unions. Having carefully considered the feedback, the PRA deems that the rules set out in this policy statement are appropriate for the PRA to perform its functions effectively. No amendments have been made to the policy as proposed in the CP as a result of the consultation. The PRA’s fee rates have been updated from those presented in the CP following finalisation of the PRA’s accounts.
Prudential Regulation Authority - Regulated fees and levies: rates for 2015/16 - PS 13/15
