On 3 April 2018, we blogged that the Payment Systems Regulator (PSR) published Consultation Paper 17/9: PSR regulatory fees 2017/18 (CP17/9). In CP17/9 the PSR was consulting on the proposed fee rates for relevant market participants.
The PSR has now published Policy Statement 17/17: PSR regulatory fees 2017/18: Decision on 2017/18 PSR regulatory fees for the funding of the PSR’s Financial Services (Banking Reform) Act 2013 (FSBRA) and the Interchange Fee Regulation (IFR) functions (PS1717). In PS17/17, the PSR responds to the submissions received to CP17/9 and sets out its final policy decisions on how its 2017/18 functions and activities will be funded, and publishes the final rules.
The PSR’s annual funding requirement for the year 2017/18, as consulted on, will be £12 million. This will be split across the PSR’s FSBRA and IFR functions as follows:
- £11.4 million to fund the PSR’s FSBRA and concurrent competition functions and activities; and
- £0.6 million to fund the PSR’s IFR functions and activities.
Among other things, the PSR notes that:
- operators will have to: (i) issue invoices for the 2017/18 PSR regulatory fees to their direct members, acquirers and card issuers operating in the UK, in accordance with the calculation methodology and instructions set out in the fees rules from July 2017; (ii) provide the PSR with their fee calculations for individual invoices and the underlying transaction volumes data as soon as possible; (iii) tell the PSR if any payment is late by 17 September 2017; (iv) pay the PSR all monies collected by 1 October 2017;
- operators who pay their fees themselves will have to invoice themselves and pay the PSR by 15 September 2017; and
- direct payment services provider members, acquirer and card insurers will have to pay operators their regulatory fees for each invoice received by 15 September 2017.
View PSR policy statement on 2017/18 regulatory fees, 21 July 2017