FEES 9.2 PSR fees

A direct payment service provider, acquirer or card issuer2 must pay the PSR fees applicable to it and calculated as set out2 in FEES 9 Annex 1 R:

1. (1)

   in full and without deduction; and

2. (2)

   in accordance with this chapter, subject to FEES 9.2.1AR2.

2If either of the following tests is met by an acquirer or card issuer in any given fee year, the transaction volumes attributable to that acquirer or card issuer are not be included in the payment system denominator for that card payment system for that fee year, and that acquirer or card issuer is not required to pay any PSR fee for that fee year where:

1. (1)

   the PSR fee for that acquirer or card issuer calculated as set out in FEES 9 Annex 1 R would be less than £50 for the current fee year if FEES 9.2.1AR were not applied; or

2. (2)

   for an acquirer, less than 100,000 transactions by an acquirer operating in the United Kingdom were realised in the relevant time period; or

3. (3)

   for a card issuer, less than 100,000 transactions by a card issuer operating in the United Kingdom were realised in the relevant time period.

If the PSR fee paid by a direct payment service provider2 for the previous fee year for a particular regulated payment system2 was at least £20,0002, that direct payment service provider2 must pay:

1. (1)

   an amount equal to 50% of the PSR fee payable for the previous fee year, by 152 April in the current fee year; and

2. (2)

   the balance of the PSR fee due by 15 August2 in the current fee year.

2The operator of each regulated payment system must pay the amounts collected (as collection agent for the FCA) under FEES 9.2.2R to the FCA by the following dates:

1. (1)

   30 April in the current fee year;

2. (2)

   1 September in the current fee year.

If the PSR fee paid by a direct payment service provider for a particular regulated payment system2 for the previous fee year was less than £20,0002, the direct payment service provider2 must pay its PSR fee in full:

1. (1)

   by 152 August in the current fee year; or

2. (2)

   if later, within 30 days of the date of the invoice2.

2The operator of each regulated payment system must pay the amounts collected (as collection agent for the FCA) under FEES 9.2.3R to the FCA by the following date:

1. (1)

   30 August in the current fee year; or

2. (2)

   if later, within 15 days of the date payment of an amount in respect of PSR fees is received by the operator from a direct payment service provider.

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

2A direct payment service provider must pay its PSR fees to the operator (acting as collection agent for the FCA) of the regulated payment system to which the fee relates.

2The operator of a regulated payment system, acting as collection agent for the FCA, must pay to the FCA the amounts it receives from or on behalf of direct payment service providers under FEES 9.2.4AR.

2With respect to invoices for PSR fees:

1. (1)

   the operator of each regulated payment system must issue invoices to its direct payment service providers for the amount of the PSR fee relating to each direct payment service provider for their participation in that regulated payment system;

2. (2)

   invoices must be separate invoices which include only the amount of the PSR fee applicable to each direct payment service provider, and must include no other charges, fees, administrative or handling fees;

3. (3)

   invoices must be issued by the operator on a sufficiently timely basis to enable the direct payment service providers to pay PSR fees to the operator (acting as collection agent for the FCA) by the dates specified in FEES 9.2.2R and 9.2.3R.

1. (1)

   2The operator of a regulated payment system must provide to the PSR, for each of its direct payment service providers, a copy of:

   1. (a)

      its calculations (as specified in column 3 of Table A of FEES 9 Annex 1R); and

   2. (b)

      the underlying data (as specified in column 5 of Table A of FEES 9 Annex 1 R).

2. (2)

   The operator of a regulated payment system

   must provide the information in (1) no later than the date it issues invoices to direct payment service providers in accordance with FEES 9.2.4CR.

If a payment system ceases to be a regulated payment system, all direct payment service providers2 of that system must pay any outstanding PSR fees before the system2 ceases to hold that status

2If a person ceases to be a direct payment service provider of a regulated payment system, it must pay any outstanding PSR fees in respect of that system, before it ceases to be a direct payment system provider of the system.

If a direct payment service provider2 does not pay the total amount of its PSR fees before the end of the date on which it is due, it must pay to the FCA2:

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.