FEES 9.2 PSR fees

A direct payment service provider, acquirer,4 card issuer2 or operator of an IFR card payment system4 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:4

   2
   1. (a)

      FEES 9.2.1AR;4

   2. (b)

      FEES 9.2.1CR;4

   3. (c)

      FEES 9.2.1DR; and4

   4. (d)

      FEES 9.2.1FR.4

2If either of the following tests is met by an acquirer or card issuer in a card payment system3 in any given fee year, the transaction volumes attributable to that acquirer or card issuer are not to3 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 in respect of the payment system allocation to that card payment system4 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 for that card payment system4 if FEES 9.2.1AR were not applied; or

2. (2)

   a direct payment service provider in that card payment system4 realises in total3 less than 100,000 transactions by an acquirer operating in the United Kingdom plus4 transactions by a card issuer operating in the United Kingdom3 in the relevant time period.3

3. (3)

   [deleted]3

1. (1)

   3If a payment service provider (A) acquires all or part of the business of another payment service provider which includes transaction volumes (B), whether by merger, acquisition or transfer, during the course of a fee year, the liability for paying the PSR fee in the following fee year in relation to B shall rest with A.

2. (2)

   FEES 9.2.1BR(1)4 also applies when the business acquired, transferred or merged is not a legal entity but is an unincorporated business, or is in the form of assets and/or contracts.

1. (1)

   4If an acquirer or card issuer meets either of the following tests in an IFR card payment system in any given fee year, the transaction volumes attributable to that acquirer or card issuer are not to be included in the payment system denominator for that IFR card payment system for that fee year, and that acquirer or card issuer is not required to pay any PSR fee in respect of the payment system allocation to that IFR card payment system for that fee year where:

   1. (a)

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

   2. (b)

      a direct payment service provider in that IFR card payment system realises in total less than 100,000 IFR transactions by an acquirer operating in the United Kingdom plus IFR transactions by a card issuer operating in the United Kingdom in the relevant time period.

2. (2)

   If the total number of IFR transactions by an acquirer operating in the United Kingdom plus IFR transactions by a card issuer operating in the United Kingdom under a given IFR card payment system in the relevant time period amount to less than 100,000, no payment system allocation must be made to that IFR card payment system for the relevant fee year, and the acquirers, card issuers and operator in that IFR card payment system are not required to pay any PSR fee in respect of that IFR card payment system for that fee year.

4If there is a payment system allocation for a given fee year to an IFR card payment system (as set out in Table C of FEES 9 Annex 1R), and none of the acquirers and card issuers in that IFR card system is required to pay any PSR fee for that fee year as a result of the application of FEES 9.2.1CR(1), then the operator of that IFR card payment system must pay the entire payment system allocation for that IFR card payment system as PSR fees for that fee year.

4If:

1. (1)

   there is a payment system allocation for a given fee year to a card payment system or to an IFR card payment system (in either Table A or Table C of FEES 9 Annex 1R respectively); and

2. (2)

   the operator of that payment system is acting as an acquirer, as a card issuer or as both an acquirer and card issuer in that card payment system or IFR card system;

that operator must pay the entire payment system allocation for that card payment system or IFR card payment system as PSR fees for that fee year.

4Where FEES 9.2.1ER applies, no other acquirers or card issuers are required to pay any PSR fee for that card payment system or IFR card system in accordance with FEES 9.2.1R.

If the PSR fee paid by a direct payment service provider2 for the previous fee year for a particular regulated payment system2 or IFR card payment system4 was at least £20,0002, that direct payment service provider2 must pay to the operator of that particular regulated payment system or IFR card payment system4:

1. (1)

   an amount equal to 50% of the PSR fee payable for the previous fee year, by 152 March at the end of the previous3 fee year; and

2. (2)

   the balance of the PSR fee due by 15 September4 in the current fee year.

   2

2The operator of each regulated payment system or IFR card payment system4 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)

   13 April in the current fee year;

2. (2)

   1 October4 in the current fee year.

4If an operator of an IFR card payment system or card payment system is liable to pay PSR fees itself under FEES 9.2.1DR or FEES 9.2.1ER, and the PSR fee it paid for the previous fee year for its IFR card payment system or card payment system was at least £20,000, that operator must pay to the FCA:

1. (1)

   an amount equal to 50% of the PSR fee payable for the previous fee year, by 15 March at the end of the previous fee year; and

2. (2)

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

[Note: Transitional provisions apply to FEES 9.2.2R to FEES 9.2.2BR inclusive: see FEES TP 12.4]

If the PSR fee paid by a direct payment service provider for a particular regulated payment system2 or IFR card payment system4 for the previous fee year was less than £20,0002, the direct payment service provider2 must pay its PSR fee in full to the operator of that regulated payment system or IFR card payment system4:

1. (1)

   by 152 September4 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 and IFR card payment system4 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)

   1 October4 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.

4

4If an operator of an IFR card payment system or card payment system is liable to pay PSR fees itself under FEES 9.2.1DR or FEES 9.2.1ER, and the PSR fee it paid for the previous fee year for its IFR card payment system or card payment system was less than £20,000, that operator must pay its PSR fee in full to the FCA

:

1. (1)

   by 15 September in the current fee year; or

2. (2)

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

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 or IFR card payment system4 to which the fee relates.

2The operator of a regulated payment system or an IFR card payment system4, 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 fees4:

1. (1)

   the operator of each regulated payment system or IFR card payment system4 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 or IFR card payment system4;

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 operator4 (acting as collection agent for the FCA) by the dates specified in FEES 9.2.2R and 9.2.3R; and4

4. (4)

   4the requirements of FEES 9.2.4CR(1), (2) and (3) also apply where the operator of a card payment system or IFR card payment system is liable to pay PSR fees itself under FEES 9.2.1DR or FEES 9.2.1ER.

1. (1)

   2The operator of a regulated payment system or IFR card payment system4 must provide to the PSR, for each of its direct payment service providers (and for itself, where it is an operator acting as an acquirer or card issuer)4, a copy of:

   1. (a)

      its calculations (as specified in column 3 of Tables A and C4 of FEES 9 Annex 1R); and

   2. (b)

      the underlying data (as specified in column 5 of Tables A and C4 of FEES 9 Annex 1 R).

2. (2)

   The operator of a regulated payment system or IFR card payment system4 must:3

   1. (a)

      provide the information in (1) to the PSR as soon as possible once FEES 9 Annex 1R is updated for a fee year; and3

   2. (b)

      obtain the PSR’s agreement to the individual PSR fees on a sufficiently timely basis to be able to issue invoices to direct payment service providers in accordance with FEES 9.2.4CR.3

3. (3)

   The operator of each regulated payment system and IFR card payment system4 must provide to the PSR an updated version of the information set out in FEES 9.2.4DR(1) by no later than two working days after the dates set out in FEES 9.2.2R and FEES 9.2.3R, indicating which direct payment service providers have not paid, or not paid in full, their PSR fees.3

If a payment system ceases to be a regulated payment system, or an IFR card payment system ceases to be subject to the IFR4, all direct payment service providers of that system, and the operator of that IFR card payment system,4 must pay any outstanding PSR fees before the system ceases to hold that status.

If a person4 ceases to be:4

1. (1)

   4a direct payment service provider of a regulated payment system or of an IFR card payment system4, 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; or4

2. (2)

   4the operator of a IFR card payment system, it must pay any outstanding PSR fees in respect of that system before it ceases to be the operator of that IFR card payment system4.

If a direct payment service provider2 or an operator of an IFR card payment system4 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.