The firms we regulate pay annual fees to cover the PSR’s set-up and operating costs.
Our Annual Plan and Budget for 2021/22 reflects our anticipated costs from 1 April 2021 to 31 March 2022.
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.
2020/21
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August 2020: Document setting out the fees figures for 2020/21
2019/20
2018/19
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June 2018: Document setting out the fees figures for 2018/19
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August 2017: Consultation on 2018/19 PSR regulatory fees for the funding of the PSR’s FSBRA, IFR and PSD2 functions (CP 17/30)
2017/18
2016/17
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November 2016: Consultation on our proposed approach to the allocation, calculation and collection of PSR regulatory fees for 2017/2018.
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December 2015: Proposed approach to the allocation, calculation and collection 2016/17 (CP15/44)
2015/16
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October 2015: PSR regulatory fees 2015/16 (PS15/25)
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August 2015: Final approach to PSR regulatory fees 2015/16 (CP15/26)
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May 2015: A supplementary document to FCA CP 15/14 on PSR fees
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March 2015: Feedback on the responses received to the November PSR fees consultation
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March 2015: An announcement on the second part of fees consultation (CP15/14)
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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.