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

 

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