PRA updates fees position

PRA has issued its feedback statement, new rules and a new supervisory statement on certain aspects of its periodic and transaction fees. Its update covers:

• a revised approach to periodic fees for Designated Investment Firms;
• amending the approach to periodic fees for life insurers;
• updating the Part VII regulatory transaction fees for insurers;
• updating the internal model application fees for insurers;
• updating the internal model application and model maintenance fees for DIFs;
• updating the rules relating to the provision of relief from PRA fees in exceptional circumstances (all firms);
• other minor corrections to PRA fees rules (all firms); and
• updates to Supervisory Statement (SS) 3/16 ‘Fees: PRA approach and application’ (all firms).