PS17/17: PSR regulatory fees 2017/18

Open consultation: CP16/35
24/11/2016
Consultation closed
16/01/2017
Final approach and open consultation
31/03/2017
Consultation closed
12/05/2017
Policy statement
21/07/2017
21/07/2017

This document sets our final decision, in conjunction with the Payment Systems Regulator (PSR), on the rates for PSR regulatory fees for 2017/18.

Show PS17/17

In March 2017 we consulted on our proposals (CP17/9) for these rates and also confirmed how our fees will be calculated and collected. 

This document:

  • Answers questions about how fees for the PSR’s functions and activities under the Financial Services (Banking Reform) Act 2013 (FSBRA) and the EU Interchange Fee Regulation 2015 (IFR) will be allocated, calculated and collected.
  • Summarises the responses we received in our March consultation and our feedback on them.

Having considered all the submissions to our March consultation we have decided to apply the 2017/18 fee rates as consulted on. The individual operator fee rates can be found in Annex 1 of this document.

The PSR had an underspend for 2016/17 and will refund £4.2 million to fee payers for that year.

Who this applies to

This consultation is relevant to participants in regulated payment systems under FSBRA, IFR regulated persons and PSPs which operate in the UK.

Next steps

We set out below what is expected of each stakeholder affected by this policy statement:

Who? Action Timeline

Operators

 

Issue invoices for the 2017/18 PSR regulatory fees to their direct members, acquirers and card issuers operating in the UK, in accordance with the calculation methodology and instructions set out in the fees rules.

From July 2017

Provide the PSR with their fee calculations for individual invoices and the underlying transaction volumes data. As soon as possible
Tell the PSR if any payment is late By 17 September 2017

Pay the PSR all monies collected

 

By 1 October 2017

Operators who pay their fees themselves

Invoice themselves and pay the PSR

By 15 September 2017

Direct PSP members

Acquirers

Card issuers

Pay operators their regulatory fees for each invoice the receive

By 15 September 2017

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