The Bank of England has confirmed increased supervisory fees for UK central counterparties (CCPs) and central securities depositories (CSDs) for the 2026/27 fee year, which runs from 1 March 2026 to 28 February 2027, with invoices expected to be issued before the end of August 2026.
The policy statement is relevant to all FMIs — apart from recognised payment systems and specified service providers — that currently pay FMI supervisory fees to the Bank or expect to do so within the 2026/27 fee year, covering both UK and non-UK FMIs.
The levy-based approach marks a shift from the Bank’s former reliance on the Cash Ratio Deposit scheme, under which supervisory work was funded by investment income on non-interest-bearing deposits held by financial institutions, moving instead to direct cost recovery from the FMIs it actually supervises.
For Category 1 CCPs, the largest firms, general fees will total £3.34 million plus a £0.58 million rulebook development instalment, for a total of £3.92 million. Category 1 CSDs face general fees of £1.80 million. Smaller Category 2 and 3 CCPs face proportionately lower charges.
On CCP rulebook costs — a recurring point of industry pushback — the Bank said work is nearing completion, with costs expected to be contained within a revised forecast of £5 million, up from an original £4.5 million estimate. It will keep the 2026/27 recovery instalment at £1.5 million and recover any excess in 2027/28.
Five responses were received to the consultation, which ran from 17 April to 18 May 2026, with ICE Clear Europe, EACH and Euroclear UK & International named as respondents who consented to publication.
