On Dec. 17, UK Treasury issued rules on wholesale cash distribution.
UK Treasury announced the publication of The banking act 2009 (wholesale cash oversight fees) regulations 2024 (StIn 2024/1344).
Follows UK BoE Nov. 2023 proposed market oversight codes of practice, see #193201.
Overview
This instrument approves the scale of fees that the UK BoE may charge to certain firms recognised by UK Treasury in the wholesale cash distribution (WCD) market.
Payment of these fees will reimburse UK BoE for its costs incurred in connection with overseeing these WCD firms for the purpose of managing risks to the effectiveness, resilience and sustainability of WCD throughout the UK or any part of it.
The scale consists of a maximum fee of £400,000 that UK BoE may charge a recognized person in any one calendar year in respect of supervision of the person.
Maximum fee of £150,000 UK BoE may charge in any one calendar year in respect of a special project, if UK BoE considers further supervision of the person is necessary.
Effectiveness
These regulations come into force on Jan. 24, 2025.
