FEES 9.2 PSR fees

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.

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.

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.]

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

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.

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