BoE consults on fees regime for recognised payment systems and specified service providers

The Bank of England (BoE) has published a consultation paper on its proposed supervisory fees regime for recognised payment systems and specified service providers for the 2026/27 fee year. The BoE proposes increasing fees to reflect rising supervision costs, including greater focus on operational resilience and payments policy development. It is consulting on fee levels both under the current statutory fee cap (GBP760,000 per firm) and a proposed higher cap (GBP1.7 million) currently being consulted on by HM Treasury (HMT) earlier this year. The consultation also reflects the introduction of a new third impact category for less systemic payment systems, intended to support innovation through lower, proportionate fees.

Subject to the outcome of HMT's consultation and parliamentary approval of any proposed regulations, the revised fee regime would also apply to digital settlement asset service providers once they fall within scope of the BoE's supervisory remit. The deadline for responses to the BoE consultation is 22 October. The final fee will be confirmed in the fee policy statement issued once HMT has completed its process, including details of any transitional pro-rating if the fee cap is increased during the fee year. The proposals are currently expected to be implemented in Q4 of the 2026/27 fee year.

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