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The PSR's Financial Penalty Scheme

Published 24 03 2017

Any time we impose a financial penalty, the money we collect must be paid to the Treasury after deducting an amount to cover certain enforcement costs, which we keep. This is called the retained amount.

This document describes how we will use the retained amount.

How will the retained amount be used?

  • We will return the retained amount to PSR fee-payers by reducing the money we collect from them in the following fee year (with the exception of any fee payer(s) that were liable to pay a penalty).
  • The fees are collected by the regulated payment system operators (PSOs) on our behalf.
  • The PSOs will not need to adjust individual invoices for those PSPs

Who should read this?

  • participants in regulated payment systems under FSBRA
  • regulated persons under the IFR and
  • anybody with an interest in our enforcement process