Paragraph 9 of Schedule 4 of FSBRA and the 2015 Interchange Regulations applying FSBRA in a modified form and the Payment Services Regulations applying FSBRA in a modified form5 allow3 the FCA to make rules requiring participants2 in regulated payment systems and IFR card payment systems5 to pay the FCA specified amounts or amounts calculated in a specified way to:
meet the relevant costs referred to in (2) below; and
enable the PSR to maintain adequate reserves.
The relevant costs in (1)(a) means:
the expenses incurred, or expected to be incurred, by the PSR in connection with the discharge of its functions;
any expenses incurred, or expected to be incurred, by the FCA in connection with the discharge of the PSR's functions by an officer or member of staff of the FCA under arrangements made under paragraph 5 of Schedule 4 of FSBRA.