This note clarifies an inconsistency between the fees rules, as set out in the FCA handbook (FEES 9.2.2R), and the timetable for collecting fees that we published in in our consultation paper CP16/35, PSR Regulatory Fees 2017/18 (November 2016).

  • FEES 9.2.2R requires that on-account payments from payment service providers (PSPs) to payment system operators are due on 15 March 2017, with operators to pay the collected fees on to us by 1 April 2017.
  • In CP 16/35 we incorrectly indicated in the timeline that the payment date for on-account fees for PSPs would be 15 April 2017, with operators to pass on the fees collected by 30 April 2017.

To clarify, the due date for on-account fees remains 15 March 2017 as specified in the fees rules, with operators to pay the collected fees on to us by 1 April 2017.

The updated fees timetable is as follows:

November 2016

Consultation paper: How 2017/18 PSR regulatory fees will be allocated, how we propose to calculate and collect PSR fees, and changes to the fees rules that we propose to introduce.

January 2016

Consultation closes.

January–March 2017

Fee tariff data collection: Participants in regulated payment systems and regulated persons are asked to provide data that is not already available to the PSR.

March/April 2017

Consultation paper: Proposed fee rates for individual fee-payers for the coming year, together with feedback on the November 2016 consultation and the making of any rules which need to come into effect from April 2017.
 

Payment date for on-account invoices: Fee-payers whose 2016/17 PSR fees were £20,000 or more for their participation in any individual regulated payment system are required to make an advance payment of 50% of their 2016/17 PSR fees to each of the operators.

As soon as possible after 19 March 2017

Operators to submit information to the PSR on late payers of 2017/18 on-account payments. This information must be submitted on a spreadsheet showing 2016 transaction volumes and 2017/18 on-account fees broken down by PSP, updated to show late/partial payers (and their contact details).
 

Payment date for operators to transfer collected on-account payment monies to the PSR.

4 May 2017

Operators to submit their 2017/18 fees payment system spreadsheet to the PSR, with 2016 transaction volumes and 2017/18 fees broken down by PSP.

May 2017

Deadline to respond to April’s fees consultation.

June 2017

Policy statement finalising the periodic fee rates rules for 2017/18 and making any other rules.

July 2017

From July, the operators of regulated payment systems and IFR card systems invoice fee-payers (and the operators of IFR card systems invoice themselves where they are liable for the payment of PSR fees themselves).

15 September 2017

The 2017/18 PSR fees are due to be paid to the operators (after deducting any on-account payments made on 15 April 2017).

17 September 2017

 

Operators to submit information on late payers of 2017/18 fees (on a spreadsheet showing 2016 transaction volumes and 2017/18 fees broken down by PSP) to the PSR, updated to show late/partial payers and to provide their contact details.

1 October 2017

Operators pay 2017/18 PSR fees collected to the FCA.

 If you have any questions, please let us know at PSRfees@PSR.org.uk.