SUP 16 Annex 28D Notes on completing FSA057 (Small Payment Institution Return)
1FSA057 Payment Services Directive Transactions
Valuation
Firms should follow their normal accounting practice wherever possible.
Currency
Some questions require you to answer in GBP, whilst some require you to answer in EUR.
• Elements 11 to 13 should be completed in GBP.
• Element 15 should be completed in EUR.
• Element 2 should be answered in EUR and GBP.
The exchange rate entered at element 14 should be used throughout the return to convert GBP to EUR where required.
Data elements
These are referred to by row first, then by column, so data element 2A will be the element numbered 2 in column A.
INTRODUCTORY MATTERS
Element 11A: State, in GBP, the total income of the whole legal entity, across all activity, for the reporting period. Follow your firm’s normal accounting practice when answering this question (i.e. this should be the same figure as the total income figure in your annual accounts).
Element 12A: State, in GBP, the total income for the reporting period which derived from payment services. Follow your normal accounting practice when answering this question.
Element 13A: State, in GBP, the total operating profit or loss of the whole legal entity for the reporting period. Operating profit or loss is calculated after ordinary operating expenses are deducted from the gross profit, but before interest, tax, dividend payments and any extraordinary items are deducted.
TRANSACTION AND USER INFORMATION
Element 1A: State the number of payment transactions executed by your firm during the reporting period. This includes payment transactions executed by UK agents of your firm. If your firm was not FCA authorised or registered for the entire year to which this return relates, you should only include transactions made since your firm was FCA authorised or registered.
Element 14A: Please provide the EUR equivalent value for 1 GBP to four decimal places. This should be the market rate as quoted by the European Central Bank in place at the end of the reporting period. The InforEuro website provides historical exchange rates on a month-by-month basis: http://ec.europa.eu/budget/contracts_grants/info_contracts/inforeuro/index_en.cfm
Element 2: State the total amount (i.e. value) of all payment transactions executed during the reporting period. This includes payment transactions executed by agents of your firm. Note that you should enter the total gross value of the payment transactions, not the income generated by them. This figure should be provided in EUR and GBP.
Element 3A: Enter the full number of months during the reporting period that your firm was FCA registered. For example, if you are completing this return for the period ending 31 December and you were authorised or registered by the FCA on 15 October then you should enter ‘2’.
Element 15A: Enter the monthly average value of the total payment transactions executed over the reporting period. This should be the EUR figure entered at element 2 divided by the number of full months during the reporting period that your firm was registered (i.e. the number entered at element 3A). If the monthly average is inflated as a result of rounding to full months, you may calculate the monthly average by taking into account the partial month of registration in this figure only.
Element 16A: State the number of new users / customers who have used your firm’s payment services during the reporting period. This means those users that have entered into framework contracts or single payment service contracts during the reporting period and includes all customer types, including individual consumers and any corporate customers.
SAFEGUARDING OF CLIENT ASSETS
Element 4A: State whether you voluntarily safeguard relevant funds. Under the PSRs 2017, small PIs can choose to comply with safeguarding requirements in order to offer the same protections over customer funds as authorised PIs must provide. If an SPI does choose to safeguard they will need to apply the same levels of protection as are expected of an authorised PI. We will expect an SPI to tell us if it is choosing to safeguard funds. SPIs that answer ‘No’ to this question should move to the Number of Agents section.
If you answer ‘Yes’, to this question you must select the relevant box(es) to identify the method(s) used by the firm to safeguard relevant funds and answer the relevant questions relating to this method. At least one of the boxes in elements 5 to 9 must be selected.
NUMBER OF AGENTS
Element 10A: State the number of agents in the UK that you have registered to undertake payment services.
PAYMENT SYSTEMS
Element 17A: If your firm is a member of any sterling interbank payment systems, select the appropriate system(s) from the drop-down list. This means where you have a direct relationship with the operators of the payment system.
Element 19A: If your firm accesses, on an indirect basis, any sterling interbank payment systems, select the appropriate system(s) from the drop-down list. This means where the PSP indirectly accesses payment systems through the services of another PSP that is a direct participant or member of that payment system.
Element 21A: If your firm accesses any sterling interbank payment systems on an indirect basis select the institution that is the primary provider of that indirect access.