CP7/23 – Regulated fees and levies: Rates proposals 2023/24

The Prudential Regulation Authority (PRA) has published a consultation (CP7/23) addressed at PRA-regulated firms regarding its fees and levies for the 2023/2024 supervisory year (March 1, 2023 through February 29, 2024). The proposed fees are based on the assessment of the PRA’s funding needs for same time period which have been documented as follows:
Table: Assumed funding needs of the PRA

The consultation subsequently sets out the fees for all supervised firms based on the above noted AFR which would include (changes to) the
(a) periodic fees for certain PRA fee blocks;
(b) periodic fees pertaining to the „minimum fee block“ which is the minimum fee applicable to all PRA-regulated firms based on their size and type;
(c) model application fees and the model maintenance fees depending upon the risk assessment model applied by supervised firms;
(d) special project fees (hourly rates) applicable to firms under restructuring; and
(e) the so-called „transaction fees“ which consist of fees for certain business authorizations.
The document also outlines the PRA’s proposal as to the distribution of the surplus from the previous year and the retained penalties during same supervisory year.