Why we are publishing this document
We have been reviewing our fees structure, which has been in place since 2018, to ensure it remains appropriate in the current payments landscape.
We consulted on proposed changes at the end of last year. This document sets out our decisions on changes to our fees structure going forward.
What this document contains
We are introducing two main changes to the way our regulatory fees are allocated. These are:
- A minimum yearly fee threshold of £100 for regulated payment service providers. This will move smaller firms outside of our fees, to simplify and save costs.
- A special project fee where payment system operators with a for-profit business model are charged for work related to or arising from their designation. For instance, this could include making sure an appropriate regulatory framework is agreed.
It’s crucial that we regulate designated payment systems in a way that promotes innovation and competition, balanced with strong safeguards so that people and businesses are protected.
Making these changes to our fees rules will reduce the burden on smaller firms and fill an important gap in recovering the costs involved with designation work and overall help ensure we can continue to regulate effectively and efficiently.
Who should read this document
This document is relevant to:
- participants in regulated payment systems under FSBRA
- regulated persons under the PCIFRs
- regulated persons under the PSRs 2017
What happens next
These new fees rules will come into force today (28 April 2023), and have also been published in the FCA Handbook.