This paper provides additional information regarding chapter 7 of CP 15/14 FCA Regulated fees and levies: Rates proposals 2015/16, which was published on 26 March 2015.
Our annual funding requirement is managed on our behalf by the FCA. The FCA and PSR work together to develop a proposed allocation approach for the PSR fees, to consult on this proposed approach and, following consultation, to set the final amount. The FCA then issues the fees rules and carries out the actual invoicing of the PSR fees for the PSR.
Who should read this paper?
This consultation is relevant to payment system operators and participants in regulated payment systems. The proposed approach continues to be that the PSR will recover its fees at the operator level, with each operator recovering these fees from the direct participants in its payment system as they see appropriate.
The Treasury designated eight payment systems for regulation by the PSR from 1 April 2015. These are Bacs; Northern Ireland Cheque Clearing (NICC); CHAPS; Cheque and Credit (C&C); Faster Payments Scheme (FPS); LINK; MasterCard; and Visa Europe (Visa).
The FCA’s consultation paper, CP 14/26, published in November 2014, included a chapter on the PSR and gave an indication of:
- our annual funding requirement;
- the set-up costs of the PSR; and
- our proposals as to how we would be looking to recover and allocate fees on an ongoing basis.
In March 2015, in chapter 7 of CP 15/14, we gave feedback on responses to the proposals in CP 14/26 for how PSR fees will be levied from payment systems operators.
In chapter 8 of CP 15/14, we consulted further on the proposed allocation of PSR fees to recover the £28.1 million 2015/16 annual funding requirement of the PSR.
We want to know what you think about this supplementary paper and chapter 8 on PSR fees of CP 15/14.
We welcome comments and responses to our consultation questions by 6pm on Friday 29 May 2015.
FCA CP 15/14 FCA Regulated fees and levies: Rates proposals 2015/16 (this link will take you to the FCA website)
FCA CP 14/26 Regulatory fees and levies: policy proposals for 2015/16 (this link will take you to the FCA website)