- Fees regime for financial market infrastructure supervision 2022/23 Consultation Paper - September 2022
Bank of England
The Bank’s annual FMI supervisory fee includes the costs of FMI supervision staff together with relevant policy support, specialist resources, corporate services and other costs associated with the work of the FMI Directorate. A number of functions within the scope of the Bank’s fee levying powers have required further resource in 2022/23 and these are described in the relevant section below.
The total cost for the 2022/23 fee year of the Bank’s FMI supervisory activity and policy activity that supports this, and is within scope of the Bank’s fee-levying powers, is expected to be ？11.6 million, representing an increase of 9% on the ？10.6 million in total fees levied in 2021/22 (prior to consideration of the rebate for 2021/22, discussed in this CP).
The Bank proposes to apply a reduction to the fees for payment systems based overseas in respect of which the Bank has deference-based co-operation arrangements with the relevant home authority where this means the Bank will incur lower costs for its own supervisory activity. The amount of any reduction would be decided on a case-by-case basis to reflect the specifics of the situation, and this would be communicated bilaterally to the relevant FMI(s).
The proposals in this CP have been prepared under a number of resource assumptions. There may therefore be variation in the final fee rates for the 2022/23 fee year because the final fee will reflect the actual level of supervisory resource expenditure over the course of the year. Any variances will be addressed at the conclusion of the 2022/23 fee year through either a rebate or a request for additional fees.