PRA's bank levies to reflect Brexit costs
The Prudential Regulation Authority has set out its proposed fees and levies for 2017/18, which includes recovering costs incurred by Brexit.
The Bank of England is set to increase the fees it levies on banks to cover additional costs resulting from Britain's move to leave the EU, and added that it may need to recover further costs later on.
The Prudential Regulation Authority's consultation paper, published today, sets out its annual funding requirement for the financial year starting in April -
the proposed total requirement is £266.5 million, up £9.2 million on the current year, a rise of 4%.
The paper concluded that:
"It is expected that activity in relation to EU withdrawal will require a significant amount of work to be undertaken by the PRA over a number of years."
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