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PS 18/12: PSR regulatory fees

Published 29 06 2018

Background

This policy statement concludes our review of the regulatory fees regime for the Payment Systems Regulator (PSR).

In 2017, we started the review to identify a new regime for PSR regulatory fees that is proportionate, sustainable, and simple for fee payers and payment system operators. We have previously published three consultation and decision papers: CP17/30, CP17/44, and CP18/8

What is in this document?

This policy statement sets out the new regime for PSR regulatory fees that will be in place from 2018/19.

It also contains our decisions on the following matters, which we consulted on in CP18/8:

  • References to the annual figures in the fees rules
  • Definition of relevant transactions for the Cheque & Credit system in the fee rules
  • Approach to PSR on-account fees
  • Treatment of underspend by the PSR

Alongside this policy statement, we are also publishing a stand-alone document on the PSR fees figures for 2018/19. That document sets out the figures we will use to calculate the 2018/19 regulatory fees applying the new methodology set out in the fees rules. We will publish the updated figures every year in a similar format.

Who should read this document?

This document is relevant to:

  • participants in regulated payment systems under FSBRA
  • IFR regulated persons
  • PSD2 regulated persons

What happens next?

Our review is now complete. From 2018/19, we will be implementing the new fees regime.

Who are you?

Action

PSR fee payer

  • You will be required to pay PSR fees that are determined by the allocation method set out in this document, and in the FCA Handbook rules in FEES 9 Annex 1R
  • You will also be required to pay an amount of your PSR fees as a pre-payment each year (that is, on account) if you meet the requirement set out in FEES 9.2.2R
  • You may want to verify your firm’s contact information and transaction data with the operators of the relevant payment systems before they submit the data to us by 1 March each year

Operator of payment systems

  • You will be required to provide us with the relevant transaction data and the contact details of the relevant PSPs by 1 March every year; this requirement is set out in FEES 9.2.4DR
  • You should confirm the accuracy of the transaction data proposed to be sent to the PSR and FCA with any PSP who requests it