The firms we regulate pay annual fees to cover the PSR’s set-up and operating costs.
Our Annual Plan and Budget 2024/25 reflects our anticipated costs from 1 April 2024 to 31 March 2025.
Staff costs and professional fees
Our largest operating expense is staff costs. There are around 160 people in the PSR team, which includes industry experts, economics, law, regulatory and communications professionals. Growing our team has strengthened all aspects of the PSR, in particular bolstering our regulatory policy capacity and establishing our supervision, compliance and monitoring capability.
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. 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.