Invoicing and collection of fees


The PRA appoints a collection agent for all its fees. Currently this is the FCA.


PRA fees may be paid by firms individually or on a group basis or through an agent. Where payment is made by a group or through an agent, it is the responsibility of the firm to ensure that the PRA’s collection agent is notified in writing of the firm or firms on whose behalf fees are being paid.


Notwithstanding group and agent arrangements, liability for payment remains with the firm. Should the PRA’s collection agent receive an amount from a group which is insufficient to meet the total fees liability of all firms notified as being part of the group, the sums received will be allocated across firms in proportion to the fees they owe, but each firm’s debt to the PRA will be discharged only upon payment in full of its own fees.


It is expected that firms will settle their fees liability to both regulators in a single payment to the FCA, which the FCA receives on its own behalf in respect of FCA fees and as collection agent for the PRA in respect of PRA fees.