The Prudential Regulation Authority (PRA) published its final policy on regulated fees and levies for the 2025/26 fee year (1 March 2025 to 28 February 2026), setting the periodic fee rates to meet its Annual Funding Requirement and amending the Fees Part of the PRA Rulebook. Alongside routine tariff updates, it introduces a Future Banking Data fee, sets the minimum periodic fee to GBP 0 for non-directive insurers and small and medium-sized credit unions, and increases the Type 3 new firm authorisation application fee to GBP 27,870. The PRA set a Total Funding Requirement of GBP 350.2 million and an Annual Funding Requirement of GBP 336.4 million, allocating the AFR mainly to deposit takers (GBP 210.9 million), general insurers (GBP 48.2 million) and life insurers (GBP 58.5 million). The AFR is GBP 7.7 million above the draft consulted on in CP8/25 due to higher allocations of Bank-wide investment and central support costs, partially offset by a decrease in the pensions provision, with changes from the consultation draft described as minor. The Future Banking Data fee applies to all firms in the deposit acceptors fee block and the designated firms dealing as principal fee block, excluding credit unions, and is calculated as total periodic fees excluding the minimum fee multiplied by 0.01425, while applications to cancel or reduce permission before the fee year only adjust periodic fees where the change takes effect on or before 31 May. The 2024/25 surplus is confirmed at GBP 6.8 million including retained penalties, with the GBP 2.1 million retained-penalty benefit applied across all fee blocks except firms that incurred fines, and the rules also correct the Best Estimate Liabilities reporting reference used for UK Solvency II general insurers’ fee calculations. The PRA Fees Amendment Instrument 2025 takes effect on 2 July 2025.
Prudential Regulation Authority 2025-06-25
Prudential Regulation Authority finalises 2025/26 fee rates for a GBP 336.4 million annual funding requirement and introduces a Future Banking Data fee
The Prudential Regulation Authority (PRA) has finalized its policy on fees and levies for the 2025/26 fee year, introducing a Future Banking Data fee and setting the minimum periodic fee to GBP 0 for non-directive insurers and small and medium-sized credit unions. The Total Funding Requirement is GBP 350.2 million, with an Annual Funding Requirement of GBP 336.4 million, primarily for deposit takers, general insurers, and life insurers. The PRA Fees Amendment Instrument 2025 will be effective from 2 July 2025.