FEES 9.3 PSR Special Project Fee

1The PSR Special Project Fee (the PSPF) is only payable by operators of regulated payment systems, operators of IFR card payment systems, and operators of payment systems under the Payment Services Regulation.

1The PSPF becomes payable by a person falling within FEES 9.3.1R if:

1. (1)

   The PSR is to undertake or is already undertaking work (the Project) in relation to or consequential upon the designation of a new regulated payment system, new IFR card payment system, or new payment system under the Payment Services Regulations.

2. (2)

   The PSR determines that:

   1. (a)

      the costs for the Project should be met by means of the PSPF, on the basis of an assessment which includes (but is not limited to) the compatibility of the levying of a PSPF in relation to that Project with the regulatory principles applicable to the PSR under section 53 of FSBRA, and the degree of support which the levying of a PSPF would offer to the PSR in discharging its statutory duties; and

   2. (b)

      it is appropriate to charge a PSPF for the Project to an operator of the new regulated payment system, new IFR card payment system, or new payment system under the Payment Services Regulations.

1. (1)

   1For each year in which a Project in connection with which the PSPF is payable is anticipated to be undertaken, the PSPF to be charged is calculated by estimating the total expenditure on the Project during that year, comprising the PSR’s internal costs and any fees and disbursements the PSR reasonably assesses it will be invoiced.

2. (2)

   Where more than one person is to be charged a PSPF in relation to that Project, the determination undertaken by the PSR pursuant to FEES 9.3.3R(2) will include an assessment of the appropriate allocation of the PSPF between those persons.

1A person who is liable to pay a PSPF must pay it in full to the FCA:

1. (1)

   by 1 September of the fee year in which the PSPF is invoiced; or

2. (2)

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

1If a person who is liable to pay a PSPF does not pay it in full before the end of the date on which it is due, that person must pay to the FCA:

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.

1Where the actual cost of the regulatory work undertaken by the PSR on a Project referred to in FEES 9.3.3R which is the subject of a PSPF differs in a given year from the total PSPF charged to one or more persons in relation to that Project for that year:

1. (1)

   Where the actual cost exceeds the total PSPF charged in respect of that Project in that year, the additional cost (or, if more than one person was charged the PSPF in relation to that Project, a share of the additional cost proportionate to the share of the PSPF for that Project allocated pursuant to FEES 9.3.4R(2) to that person) will, in the following year:

   1. (a)

      be added to the PSPF to be invoiced to the person or persons; or

   2. (b)

      if the Project has come to an end, be invoiced as a PSPF to the person or persons.

2. (2)

   Where the actual cost is lower than the total PSPF charged in respect of that Project in that year, the difference (or, if more than one person was charged the PSPF in relation to that Project, a share of the difference proportionate to the share of the PSPF for that Project allocated pursuant to FEES 9.3.4R(2) to that person) will, in the following year:

   1. (a)

      be deducted from the PSPF invoiced to the person or persons; or

   2. (b)

      if the Project has come to an end, be refunded to the person or persons.