FCA and PRA consult on 2018/2019 regulated fee and levy rate proposals

The FCA and PRA have, separately, published consultation papers on regulated fees and levies for 2018/19.

In its consultation paper, the FCA sets out the proposed 2018/19 regulatory fees and levies for itself, the Financial Ombudsman Service, the Money Advice Service, the Pension Wise service and HM Treasury’s illegal money lending expenses.  The FCA also explains that for 2018/19 its annual funding requirement (AFR) is £543.9 million.

The deadline for comments to the FCA’s paper is 1 June 2018.

Separately, the PRA published a consultation paper, setting out proposals relating to its regulated fees and levies. This includes proposals to the AFR, which will be made up of the budgeted cost of ongoing regulatory activities (ORA) and costs associated with Brexit. The proposed ORA for 2018/19 is £236.3 million and the estimated costs associated with Brexit are £8.3 million.

The deadline for comments to the PRA’s paper is 21 May 2018.