How the PSR is funded
The PSR annual budget and costs explained
The firms we regulate pay annual fees to cover the PSR’s set-up and operating costs.
Our Annual Plan and Budget for 2020/21 reflects our anticipated costs from 1 April 2020 to 31 March 2021.
Staff costs and professional fees
Our largest operating expense is staff costs. There are around 110 people in the PSR team, which includes industry experts, economics, law, regulatory and communications professionals.
Professional fees relate to specialist services needed to support our work. This includes external expertise focused on helping us with, for example, our market reviews, our work on interchange fee regulation and the programme of infrastructure-related work. We may also bring in experts to help with our investigations.
Other operational costs
As a subsidiary of the FCA we use its resources wherever possible to gain economies of scale. For example, using FCA accommodation, information systems and office services. The FCA is reimbursed for costs incurred on our behalf on an annual basis.
Annual funding requirement and impact on fee payers
This FCA leads on this process for us.
We’ve published the following information that relates to our fees.
- June 2018: Document setting out the fees figures for 2018/19
- August 2017: Consultation on 2018/19 PSR regulatory fees for the funding of the PSR’s FSBRA, IFR and PSD2 functions (CP 17/30)
- March 2017: Decision and further consultation on 2017/18 PSR regulatory fees for funding of the PSR’s FSBRA and IFR functions (CP 17/9)
- November 2016: Consultation on the 2017/18 PSR regulatory fees allocation, calculation and collection to fund the PSR’s FSBRA and IFR functions and activities (CP 16/35)
- November 2016: Consultation on our proposed approach to the allocation, calculation and collection of PSR regulatory fees for 2017/2018.
- June 2016: Decision on all matters relating to how fees for the PSR's functions under FSBRA and the IFR for the financial year 2016/17 will be allocated, calculated and collected
- April 2016: Decisions on the allocation, calculation, and collection of PSR fees for 2016/17, plus further proposals for consultation and a proposed approach for an anticipated 2015/16 underspend (CP16/11)
- December 2015: Proposed approach to the allocation, calculation and collection 2016/17 (CP15/44)
- October 2015: PSR regulatory fees 2015/16 (PS15/25)
- August 2015: Final approach to PSR regulatory fees 2015/16 (CP15/26)
- May 2015: A supplementary document to FCA CP 15/14 on PSR fees
- March 2015: Feedback on the responses received to the November PSR fees consultation
- March 2015: An announcement on the second part of fees consultation (CP15/14)
- November 2014: CP15/14: FCA Regulated fees and levies: rates proposals 2015/16
We have set up a dedicated email to handle enquiries about our fees – you can contact us on PSRfees@psr.org.uk.