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FEES 9.2 PSR fees

Obligation to pay PSR fees

FEES 9.2.1RRP

A PSR fee payer7 must pay to the FCA7 the PSR fees applicable to it and calculated by the FCA in accordance with7 FEES 9 Annex 1 R:

14242
  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 and7

    3. (c)

      FEES 9.2.1DR.7

      4
FEES 9.2.1ARRP
23343
  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.7

    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.7

    43433
  3. (3)

    [deleted]3

FEES 9.2.1BRRP
  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.

FEES 9.2.1CRRP
FEES 9.2.1DRRP

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.7

4
FEES 9.2.1ERRP

[deleted]7

4
FEES 9.2.1FRRP

[deleted]7

4
FEES 9.2.1GGRP

[deleted]7

4

Time of payment

FEES 9.2.2RRP

If the PSR fee paid by a PSR fee payer7 for the previous fee year 7was at least £20,0002, that PSR fee payer7 must pay to the FCA:6

224243
  1. (1)

    an amount equal to 50% of the PSR fee payable for the previous fee year, by 1 April in the current6 fee year or, if later, within 30 days of the date of the invoice6; and

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  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
FEES 9.2.2AR

[deleted]6

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FEES 9.2.2BRRP

[deleted]7

4
FEES 9.2.3RRP

If the PSR fee paid by a PSR fee payer7 for the previous fee year was less than £20,0002, the PSR fee payer7 must pay its PSR fee in full to the FCA6:

24243
  1. (1)

    by 16 August7 in the current fee year; or

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  2. (2)

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

2
FEES 9.2.3AR

[deleted]6

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4

3
FEES 9.2.3BRRP

[deleted]7

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2Method of payment

FEES 9.2.4GRP

A PSR fee payer7 should pay its fees to the FCA6 by direct debit,6 electronic credit transfer, cheque, Maestro, Visa Debit or by credit card (Visa/MasterCard only)6.

262
FEES 9.2.4ARRP

[deleted]7

2646
FEES 9.2.4BR

[deleted]6

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FEES 9.2.4CR

[deleted]6

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Provision of information

FEES 9.2.4DRRP
  1. (1)

    2The operator of a regulated payment system or IFR card payment system4 must provide to the FCA and6 PSR, for each of its direct payment service providers (and for itself, where it is an operator acting as an acquirer or card issuer)4:7

    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; and7

    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:7

      1. (i)

        telephone and/or e-mail contact information (including named point of contact);7

      2. (ii)

        billing address;7

      3. (iii)

        FCA firm reference number (where applicable);7

      4. (iv)

        company name, registered address and company number; and7

      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’s regulated payment system or IFR card payment system.7

  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

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FEES 9.2.4EG

[deleted]6

244
FEES 9.2.4FGRP

[deleted]6

5
FEES 9.2.4GG

7The FCA will use the data provided by the relevant operators in FEES 9.2.4DR to calculate the PSR fees. Before being submitted to the FCA, if requested by a PSR fee payer, the operator should confirm with the relevant PSR fee payer the accuracy of the data it proposes to submit. In the event of a dispute raised by a PSR fee payer over the accuracy of the data provided to the FCA, the FCA will continue to use the data as originally provided. Any later dispute should be directed to the relevant operator of the regulated payment system or IFR card payment system responsible for the provision of the data to the FCA.

2Ceasing to be designated as a regulated payment system, ceasing to be a direct payment system provider of a regulated payment system or IFR card payment system, and ceasing to be subject to the IFR

FEES 9.2.5GRP

The FCA will not relieve or refund a PSR fee if after the start of that fee year:4

2
  1. (1)

    4a payment system ceases to be a regulated payment system; or4

  2. (2)

    4an IFR card payment system ceases to be subject to the IFR;4 or

  3. (3)

    4a person4 ceases to be a direct payment service provider of a regulated payment system or an IFR card payment system4.

FEES 9.2.6RRP

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.

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FEES 9.2.6ARRP

If a person4 ceases to be:4

2
  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.

Late payments

FEES 9.2.7RRP

If a PSR fee payer7 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:

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  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.

FEES 9.2.7AGRP
  1. (1)

    2The FCA may recover a PSR fee as a debt owed to it under paragraph 23 (8) of Schedule 1ZA of the Act.

  2. (2)

    The FCA will consider taking action for the recovery (including interest) through the civil courts.

  3. (3)

    In addition, the FCA or PSR may be entitled to take regulatory action in relation to the non-payment of PSR fees. What action, if any, that is taken by the FCA or PSR will be decided upon given the particular circumstances of the case.7

Reduction, remission and repayment of fees

FEES 9.2.8GRP

The FCA may reduce or remit all or part of a PSR fee, if it appears to the FCA, having consulted the PSR, that in the exceptional circumstances of a particular case paying all or part of it would be inequitable.

FEES 9.2.9GRP

The FCA may refund all or part of a PSR fee if it appears to the FCA, having consulted the PSR, that in the exceptional circumstances of a particular case the FCA or the PSR retaining all or part of it would be inequitable.

FEES 9.2.10GRP

The FCA will not consider a claim to refund a PSR fee due to a mistake of fact or law by the PSR fee payer7 if the claim is made more than two years after the beginning of the fee year to which the fee relates.

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VAT

FEES 9.2.11RRP

PSR fees payable are stated net of VAT. Where VAT is applicable this must also be included.