The Bank of England has published a consultation paper proposing supervisory fees for financial market infrastructures (FMIs) for the 2026/27 fee year, covering UK and non-UK central counterparties (CCPs) and central securities depositories (CSDs). The proposals also extend the phased recovery approach for costs incurred in developing the UK CCP rulebook, with final fee rates to be confirmed in a subsequent policy statement. For UK FMIs, the Bank proposes applying fee ratios across categories 1, 2 and 3 of 1.75:1.00:0.33 for both CCPs and CSDs. It expects the UK CCP fee to fall by 3.2% year on year excluding rulebook costs, while the UK CSD figure rises by 7.7% reflecting work to scope the repeal and replacement of inherited EU CSD requirements. Proposed UK fees include CCP category 1 total of GBP 3.92 million (GBP 3.34 million general fees plus a GBP 0.58 million rulebook development instalment) and category 2 total of GBP 2.24 million (GBP 1.91 million plus GBP 0.33 million), with category 3 rulebook elements to be confirmed; the category 1 CSD fee is GBP 1.80 million. For non-UK FMIs, the Bank proposes levies consistent with its November 2022 fee regime policy statements, including non-UK CCP group B at GBP 149,070, group C at GBP 44,721 and group D fixed at GBP 9,000, and non-UK CSD group A at GBP 119,000 with group B fixed at GBP 6,000. UK CCP rulebook development costs are now forecast at GBP 5,000,000; the Bank proposes keeping the 2026/27 recovery instalment at GBP 1,500,000 and recovering any amount above the original GBP 4,500,000 forecast in 2027/28. No recovery or rebate is proposed for 2025/26 as costs were in line with expectations. Responses are requested by 18 May 2026. The Bank proposes issuing 2026/27 invoices in Q2 of the fee year, June to August 2026, and notes the forecast is provisional pending confirmation of pension costs, with any material variance to be addressed after the fee year through a rebate or additional payment. It also expects to begin levying annual supervision fees for the Digital Securities Sandbox in 2026/27, currently estimated at GBP 85,000 per firm on a cost-recovery basis and pro-rated by the point at which a firm is granted Gate 2 permission, while consultation on fees for recognised payment systems and specified service providers is deferred until HM Treasury consults on raising the relevant statutory fee cap.
Bank of England 2026-04-17
Bank of England launches consultation on 2026/27 FMI supervisory fees and UK CCP rulebook cost recovery
The Bank of England is consulting on 2026/27 supervisory fees for financial market infrastructures, covering UK and non-UK CCPs and CSDs, and on extending phased recovery of UK CCP rulebook development costs. It proposes UK FMI fee ratios of 1.75:1.00:0.33 across categories 1–3, with UK CCP fees falling 3.2% year on year excluding rulebook costs and UK CSD fees rising 7.7%. The 2026/27 CCP rulebook cost recovery instalment remains GBP 1,500,000 within a revised total forecast of GBP 5,000,000. The Bank also expects to introduce annual supervision fees for firms in the Digital Securities Sandbox in 2026/27, currently estimated at GBP 85,000 per firm.