Prudential Regulation Authority Rulebook

2.1

All fees must be paid in full and without deduction on the due date for payment.

2.2

The due date for payment of:

1. (1) periodic fees is as specified in 3.15;
2. (2) regulatory transaction fees is as specified in 4.2;
3. (3) special project fees is as specified in 5.8.

2.3

As permitted by paragraphs 31(7) and 35 of Schedule 1ZB of FSMA, the PRA may take all steps and seek all remedies available to a creditor to recover, as a debt due to the PRA, any fee or other amount, such as interest, which remains unpaid after it falls due.

2.4

The PRA may take regulatory action in relation to non-payment of fees in addition to, or instead of, any steps taken or remedies pursued under 2.3.

2.5

Fee-payers must comply with directions, whether in an invoice, form, notice or otherwise, of the collection agent when acting in that capacity on behalf of the PRA.

2.6

Subject to 2.8, a fee payer who does not pay the full amount of a fee by the due date for payment will incur late payment interest on any unpaid part of the fee, accruing on a daily basis from the due date for payment until payment is made.

2.7

The PRA will not charge interest on late payment interest.

2.8

Late payment interest does not apply to regulatory transaction fees and special project fees.

2.9

If it appears to the PRA in relation to any fee that in the exceptional circumstances of a particular case it would be inequitable to require payment or to retain sums previously paid, it may at its discretion:

1. (1) waive the payment;
2. (2) reduce the amount payable; or
3. (3) offer a whole or partial refund of sums already paid.

2.10

The PRA will not consider a claim by a fee payer for waiver, reduction or refund under 2.9 based on the fee payer’s error if the claim is made more than two years after the beginning of the period to which the fee relates.