The STS regulations do not allow the fees payable to third party verification agents to be dependent on the result of the verification activities. Therefore originators and sponsors must bear in mind that the fees become payable on the receipt of an application form and acceptance by PCS of the engagement, and (save in certain exceptional circumstances detailed in the PCS Terms & Conditions) irrespective of whether the STS Verification is completed. Originators and sponsors should note that this is also the case for any annual fees for a transaction that proceeds without a PCS STS Verification. For our full terms and conditions regarding fees and the PCS STS Verification, please consult the PCS Terms and Conditions in the application section.
Fees are set by PCS UK and PCS EU on a group wide basis to meet the expenses of running the PCS initiative. No money is paid by way of dividends or any other kind of distribution to any shareholders or members of the PCS Association and the PCS initiative is run on a not-for-profit basis.
Where required, VAT will be added to these fees.
These are the baseline fees for PCS services and may be subject to caps and exemptions depending on the transactions. To know more you can consult our Fees Schedule (see below) or contact any member of our Outreach Team.
Please note that, to comply with the regulatory requirements and protect the independence of our analysts, members of the analytical team are not able to discuss fee matters with clients and potential clients.
The deferred component of our fees is paid annually until the redemption of the transaction (or, for ABCP transaction, on the commitment period and for an OBS (synthetic) transaction for the originatl WAL of the senior tranche). Details may be found in our Fees Schedule (see below).