In August 2015, the PSR consulted on changes to the calculation and collection method for the 2015/16 PSR regulatory fees. This statement sets out the responses to the consultation and feedback, as well as the resulting FCA decisions and fees rules for the PSR.
Why are we issuing this Policy Statement?
This document explains how the 2015/16 PSR regulatory fees will be calculated and collected from participants in regulated payment systems. These fees will be used to fund the PSR’s activities in 2015/16, and to cover the costs of setting up the PSR.
This publication confirms the decision to implement ‘indirect billing’, in which operators of regulated payment systems act as the PSR's collection agents and issue invoices to their fee-paying payment service providers (PSPs) members to collect PSR regulatory fees. Operators then pay the monies collected to the PSR.
This ‘indirect billing’ approach will reduce the regulatory burden on industry by ensuring that PSR regulatory fees remain outside the scope of VAT and that they do not trigger the need to increase regulatory reserves held by Bacs, CHAPS and FPS.
Policy Statement 15/25[1] (PDF)
Who is this Policy Statement aimed at?
This statement is relevant to participants in regulated payment systems, and in particular PSPs which operate in the UK.
This includes:
- PSPs which are direct members of Bacs, CHAPS, C&C, FPS, LINK or NICC
- acquiring or card issuing PSPs operating in the United Kingdom which are members of MasterCard or Visa
What are the next steps?
Operators and fee-paying PSPs need to make sure that they meet the following deadlines:
- Operators must issue invoices for the 2015/16 PSR regulatory fees to their direct PSP members, acquirers and card issuers operating in the UK as soon as possible so that they can pay their fees on time.
- Individual direct PSPs (in Bacs, CHAPS, C&C, FPS, LINK and NICC) and acquirers and card issuers operating in the UK (in MasterCard and Visa) must pay their 2015/16 PSR regulatory fees to their operators by 10 December 2015.
- Operators will alert the PSR of any missing payments on 11 December 2015, and the PSR will contact the relevant fee-paying PSPs about their fees.
- Operators must pay the monies collected to the PSR by 21 December 2015.
Fee-paying PSPs who have any questions about fees invoices should contact their operator(s) in the first instance. For more general enquiries contact: [email protected]
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