Banks to get £8m rebate from PRA
The Bank of England's regulatory arm, the Prudential Regulation Authority, is returning £8m to banks in regulatory fees due to surplus 2014/2015 budget.
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The refund is due to the difference between the amount levied in 2014/15 and actual expenditure, estimated to have come partly from a £14m fine imposed on Royal Bank of Scotland over an IT glitch that left customers unable to access their accounts.
The report did not name RBS, but said that the firm involved in the enforcement action would not receive part of the refund shared out between the other fee payers.
The PRA’s 2015/16 proposed budget is £243 million compared to £232 million for 2014/15, attributed to a transition to bring all Bank staff onto the same terms and conditions, and to deliver an expansion in the PRA’s responsibilities and implement specific new policy initiatives.
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