PRA consults on fees and levies for 2022/23

PRA has issued a consultation paper setting out proposals for its fees for 2022/23.

The proposals include:

  • the fee rates to meet the PRA’s 2022/23 AFR;
  • fees applicable to firms in the temporary regimes;
  • changes to the internal model application fees and the model maintenance fee;
  • changes to the special project fees for restructuring fees; and
  • setting out how the PRA intends to distribute a surplus from the 2021/22 AFR (Chapter 3); and the retained penalties for 2021/22 (Chapter 4).

Overall, the PRA considers it to be necessary to amend firms’ fees where needed, to continue to:

  • enable the PRA to meet expenses incurred to carry out its functions (as well as any incidental purposes);
  • repay principal of/interest on any relevant borrowing; and
  • maintain adequate reserves.

The increases are generally reflected in an 8.6% arise across all key categories of firm.

The consultation closes on 20 May 2022.

Harshil Patel