On 13 April 2023, the Prudential Regulation Authority (PRA) published Consultation Paper CP7/23 – Regulated fees and levies: Rates proposals 2023/24. CP7/23 sets out proposals for the PRA’s fees for 2023/24, which would make amendments to the Fees part of the PRA Rulebook (Appendix 1).
The proposals include:
- The fee rates to meet the PRA’s 2023/24 Annual Funding Requirement (AFR).
- Changes to the internal model application fees and the model maintenance fee.
- Updates to Supervisory Statement 3/16 to include the information provided in Fees 2.9 and 2.10 (Appendix 2)
- Setting out how the PRA intends to distribute a surplus from the 2022/23 AFR (chapter 3)
- The retained penalties for 2022/23 (chapter 4).
The PRA proposes to publish the changes resulting from this CP on Thursday 29 June 2023 and proposes that the implementation date for the changes resulting from this CP would be Monday 3 July 2023.
The deadline for feedback to CP7/23 is Friday 12 May 2023.