HMT consults on updating the BoE's fee regime for recognised payment systems

HM Treasury (HMT) has published a consultation on updating the Bank of England's (BoE) fee regime under Part 5 of the Banking Act 2009, for recognised payment systems. The proposals would align the regime with the BoE's expanded supervisory remit under the Financial Services and Markets Act 2023 by bringing digital settlement asset (DSA) service providers and related service providers within scope of the fee framework. This will allow the BoE to recover the costs of supervising these entities once they are recognised by HMT.

The consultation also proposes increasing the annual supervision fee cap from GBP760,000 to GBP1.7 million per in-scope provider, in any one year. In addition, the consultation proposes raising the cap on special project fees from GBP500,000 to GBP650,000, per in-scope system in any one year. The deadline for comments is 31 August.

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