The firms we regulate pay annual fees to cover the PSR’s set-up and operating costs.
Our Annual Plan and Budget 2023/24 reflects our anticipated costs from 1 April 2023 to 31 March 2024.
Staff costs and professional fees
Our largest operating expense is staff costs. There are around 130 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 publish the information that relates to our fees in our yearly annual plan.
We have set up a dedicated email to handle enquiries about our fees – you can contact us on PSRfees@psr.org.uk.