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FEES 9.2 PSR fees

Obligation to pay PSR fees

FEES 9.2.1RRP

1An operator of a regulated payment system must pay the applicable PSR fee in FEES 9 Annex 1 R:

  1. (1)

    in full and without deduction; and

  2. (2)

    in accordance with this chapter.

Time of payment

FEES 9.2.2RRP

If an operator of a regulated payment system's fee for the previous fee year was at least £50,000, that operator must pay:

  1. (1)

    an amount equal to 50% of the PSR fee payable for the previous fee year, by 30 April in the current fee year; and

  2. (2)

    the balance of the PSR fee due by 1 September in the current fee year.

FEES 9.2.3RRP

If an operator of a regulated payment system's fee for the previous fee year was less than £50,000, the operator of that regulated payment system must pay its PSR fee in full:

  1. (1)

    by 1 August in the current fee year; or

  2. (2)

    if later, within 30 days of the date of the invoice in the current fee year.

[Note: Transitional provisions apply to both FEES 9.2.2 R and FEES 9.2.3 R: see FEES TP 12.]

Method of payment

FEES 9.2.4GRP

An operator of a regulated payment system should pay its fees by electronic credit transfer and should notify the FCA if it intends to pay in another way.

Regulated payment systems ceasing to be a designated payment system

FEES 9.2.5GRP

The FCA will not relieve or refund a PSR fee if a payment system ceases to be a regulated payment system after the start of that fee year.

FEES 9.2.6RRP

If a payment system ceases to be a regulated payment system, the operator of that system must pay any outstanding PSR fees before it ceases to hold that status

Late payments

FEES 9.2.7RRP

If an operator of a regulated payment system does not pay the total amount of its PSR fees before the end of the date on which it is due it must pay:

  1. (1)

    an administrative fee of £250; plus

  2. (2)

    interest on any unpaid part of the fee at an annual rate of 5% above the Official Bank Rate from time to time in force, accruing daily from the date on which the amount concerned became due.

Reduction, remission and repayment of fees

FEES 9.2.8GRP

The FCA may reduce or remit all or part of a PSR fee, if it appears to the FCA, having consulted the PSR, that in the exceptional circumstances of a particular case paying all or part of it would be inequitable.

FEES 9.2.9GRP

The FCA may refund all or part of a PSR fee if it appears to the FCA, having consulted the PSR, that in the exceptional circumstances of a particular case the FCA or the PSR retaining all or part of it would be inequitable.

FEES 9.2.10GRP

The FCA will not consider a claim to refund a PSR fee due to a mistake of fact or law by the fee paying operator of a regulated payment system if the claim is made more than two years after the beginning of the fee year to which the fee relates.

VAT

FEES 9.2.11RRP

PSR fees payable are stated net of VAT. Where VAT is applicable this must also be included.