The Bank of England’s fees regime for financial market infrastructure supervision 2023/24

The Bank of England (BoE) has published a final Policy Statement on its upcoming fees and levies for the supervision of financial market infrastructures (FMIs) in the Bank’s fee year 2023/24 (March 1 2024 – February 28, 2025) following a corresponding consultation earlier this year (please see EventID 22381 in this context for more information). For purposes of the policy statement, FMIs include (incoming) central counterparties (CCPs), (incoming) central securities depositories (CSDs), payment systems and certain payment service providers.
In its final policy statement, the BoE notes that it has received three responses to its consultation based upon which it will make NO changes to the proposed fee structure. Therefore, the final fees and levies will be as follows:
(1) the regular levy rates based on the Bank’s funding needs for its supervisory activities and allocated among FMIs based upon the FMI type and category as indicated below (excluding incoming CCPs and CSDs):
Graphic 1: 2023/2024 Fee Allocation

(2) the fees charged to incoming CSDs
Graphic 2: 2023/2024 Fees for incoming CSDs

(3) the fees charged to incoming CCPs
Graphic 3: 2023/2024 Fees for incoming CCPs

(4) the special project fees which are based upon expenses that the Bank actually expects to incur due to additional activities required in the framework of a particular project with FMIs. This fee will only be charged to these FMIs which have already been contacted on this matter.
(5) the hourly rates for projects on demand which have not changed from the previous year and still are as follows:
Graphic 2: 2023/2024 Hourly Project Fee Rates

To conclude, the Bank notes that the charges will be collected some time in November 2023 for the upcoming fee year. It shall also be mentioned that there will be no rebate on any of the fees as the supervisory fees collected in the previous year matched more or less exactly the funding needs of the regulator.