BoE consults on fees regime for FMI supervision for 2026/27

The Bank of England (BoE) has published a consultation paper setting out its proposed fees regime for the supervision of financial market infrastructures (FMIs) for 2026/27.

Key proposals include a 3.2% reduction in UK central counterparties (CCPs) fees (excluding rulebook costs) and a 7.7% increase in UK central securities depositories (CSDs) fees to reflect work on repealing and replacing UK CSDR. The BoE intends to work with the UK Financial Conduct Authority and HM Treasury (HMT) to publish a full roadmap later this year on the repeal and replacement of UK CSDR, including a permanent regime for digital securities settlement.

In addition, the BoE proposes to maintain the UK CCP rulebook development costs, keeping the 2026/27 recovery instalment at GBP1.5 million, with any excess costs to be recovered in 2027/28. Fees for non‑UK CCPs and CSDs would be broadly unchanged, with small reductions for certain categories.

The deadline for comments on the consultation is 18 May, with final fees to be confirmed in a policy statement and invoices expected to be issued in Q2 of the 2026/27 fee year.

Looking ahead, the BoE is reviewing application fees for new FMIs and may consult on potential amendments in a future consultation. HMT is also exploring options to increase the statutory fee cap for recognised payment systems and specified service providers, subject to regulations for Parliamentary approval. Following which, the BoE will consult on the applicable 2026/27 supervision fees. The BoE further expects to begin levying an annual supervision fee on Digital Securities Sandbox firms in 2026/27, currently estimated at GBP85,000 per firm, charged on a cost‑recovery and pro‑rated basis from Gate 2 approval, with final amounts to be confirmed in the 2027/28 FMI fees consultation.

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