1This chapter applies to:4

1. (1)

   operators of regulated payment systems;4

2. (2)

   operators of IFR card payment systems;7

   4
3. (2A)

   operators of payment systems under the Payment Services Regulations; and7

4. (3)

   direct payment service providers.4

A PSR fee payer8 must pay to the FCA8 the PSR fees applicable to it and calculated by the FCA in accordance with8FEES 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 and8

   3. (c)

      FEES 9.2.1DR.8

      4

1. (1)

   A PSR fee payer is not required to pay any PSR fee in accordance with FEES 9.2.1R where, in the opinion of the FCA and PSR, the costs of collection would be disproportionate to the amount payable.8

   4
2. (2)

   If (1) applies in any given fee year, the transaction volumes and transaction values attributable to that PSR fee payer are not to be included in the sum of all PSR fee payers’ relevant transactions set out in columns 4 and 5 of the table in FEES 9 Annex 1R for that fee year.8

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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.

An operator acting as a PSR fee payer must pay the entire PSR fee for the relevant card payment system or IFR card payment system for that fee year.8

Where FEES 9.2.1CR applies, no other acquirers or card issuers are required to pay any PSR fee for that card payment system or IFR card payment system in accordance with FEES 9.2.1R.8

PSR fee payers falling within the scope of FEES 4.3.6R(1C) – (1E)7 must pay to the FCA:6

1. (1)

   an amount equal to 50% of the PSR fee payable for the previous fee year, by 1 April in the current6fee year or, if later, within 30 days of the date of the invoice6; and

   23
2. (2)

   the balance of the PSR fee due by 16 September4 in the current fee year or, if later, within 30 days of the date of the invoice.

   2

If FEES 9.2.2R does not apply7, the PSR fee payer8 must pay its PSR fee in full to the FCA6:

1. (1)

   by 16 August8 in the current fee year; or

   24
2. (2)

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

1. (1)

   2The operator of a regulated payment system or IFR card payment system4 must provide to the FCA and6PSR, for each of its direct payment service providers (and for itself, where it is an operator acting as an acquirer or card issuer)4:8

   6
   1. (a)

      a copy of the data setting out the transaction volumes and transaction values required by the FCA to calculate the PSR fees as set out in FEES 9 Annex 1R; and8

   2. (b)

      the following information (which is either in the operator’s possession or to which it has reasonable access) to enable and/or assist the FCA to issue invoices to PSR fee payers and/or collect PSR fees:8

      1. (i)

         telephone and/or e-mail contact information (including named point of contact);8

      2. (ii)

         billing address;8

      3. (iii)

         FCA firm reference number (where applicable);8

      4. (iv)

         company name, registered address and company number; and8

      5. (v)

         any other information which in the opinion of the operator would assist the FCA in issuing invoices to the relevant PSR fee payers within the operator’sregulated payment system or IFR card payment system.8

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 and FCA6 as soon as practicable, but no later than 1 March each year6; and

      3
   2. (b)

      provide such other data to the FCA and PSR on request to enable6 the individual PSR fees to be verified6.

      3
3. (3)

   [deleted]6

   43

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 PSR fee payer8 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.

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.