You can find all the forms necessary to apply for an STS Verification below:
The fees for STS Verification may be found in the PCS Fees Schedule which may be consulted and downloaded here.
The upfront fees for an STS Verification , if denominated in Euros is usually: €15,000 + VAT (if applicable)
The upfront fees for an STS Verification , if denominated in GBP is usually: £13,000 + VAT (if applicable)
An annual fee will usually be GBP £5,000 or Euro €6,000 + VAT (if applicable) for each transactions.
There are however a number of exceptions (eg for smaller transactions or certain master trust engagements) so potential clients are strongly encouraged to consult the actual PCS Fees Schedule for a full explanation of how PCS charges for verifications. The PCS Fees Schedule also sets out the principles underpinning PCS’s charging policies.
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 the full terms and conditions regarding fees and the PCS STS Verification, please consult the PCS Terms and Conditions.
The 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 dividend to any shareholders or members of the PCS Association (PCS UK’s and PCS EU’s parent) and the PCS initiative as a whole is run on a not-for-profit basis.
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