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Status: You are viewing the version of the handbook as on 2016-06-30.

FEES 9.2 PSR fees

Obligation to pay PSR fees

FEES 9.2.1RRP

A direct payment service provider, acquirer or card issuer2 must pay the PSR fees applicable to it and calculated as set out2 in FEES 9 Annex 1 R:

1
  1. (1)

    in full and without deduction; and

  2. (2)

    in accordance with this chapter, subject to FEES 9.2.1AR2.

FEES 9.2.1ARRP

2If either of the following tests is met by an acquirer or card issuer in a card payment system3 in any given fee year, the transaction volumes attributable to that acquirer or card issuer are not to3 be included in the payment system denominator for that card payment system for that fee year, and that acquirer or card issuer is not required to pay any PSR fee in respect of the PSR’s functions and activities in relation to regulated payment systems3 for that fee year where:

  1. (1)

    the PSR fee for that acquirer or card issuer calculated as set out in FEES 9 Annex 1 R would be less than £50 for the current fee year if FEES 9.2.1AR were not applied; or

  2. (2)

    a payment service provider realises in total3 less than 100,000 transactions by an acquirer operating in the United Kingdom and transactions by a card issuer operating in the United Kingdom3 in the relevant time period.3

  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 9.2.1DR(1) 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.

Time of payment

FEES 9.2.2RRP

If the PSR fee paid by a direct payment service provider2 for the previous fee year for a particular regulated payment system2 was at least £20,0002, that direct payment service provider2 must pay to the operator of that particular regulated payment system3:

  1. (1)

    an amount equal to 50% of the PSR fee payable for the previous fee year, by 152 March at the end of the previous3 fee year; and

  2. (2)

    the balance of the PSR fee due by 15 August2 in the current fee year.

FEES 9.2.2AR

2The operator of each regulated payment system must pay the amounts collected (as collection agent for the FCA) under FEES 9.2.2R to the FCA by the following dates:

  1. (1)

    13 April in the current fee year;

  2. (2)

    1 September in the current fee year.

FEES 9.2.3RRP

If the PSR fee paid by a direct payment service provider for a particular regulated payment system2 for the previous fee year was less than £20,0002, the direct payment service provider2 must pay its PSR fee in full to the operator of that regulated payment system3:

  1. (1)

    by 152 August in the current fee year; or

  2. (2)

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

2
FEES 9.2.3AR

2The operator of each regulated payment system must pay the amounts collected (as collection agent for the FCA) under FEES 9.2.3R to the FCA by the following date:

  1. (1)

    30 August in the current fee year; or

  2. (2)

    if later, within 15 days of the date payment of an amount in respect of PSR fees is received by the operator from a direct payment service provider.

[Note: Transitional provisions apply to FEES 9.2.2R to FEES 9.2.2BR3 inclusive: see FEES TP 12.43]

Method of payment and invoicing2

FEES 9.2.4GRP

A direct payment service provider2 should pay its fees by electronic credit transfer and should notify the operator to whom it is paying the relevant PSR fee2 if it intends to pay in another way.

FEES 9.2.4ARRP

2A direct payment service provider must pay its PSR fees to the operator (acting as collection agent for the FCA) of the regulated payment system to which the fee relates.

FEES 9.2.4BR

2The operator of a regulated payment system, acting as collection agent for the FCA, must pay to the FCA the amounts it receives from or on behalf of direct payment service providers under FEES 9.2.4AR.

FEES 9.2.4CR

2With respect to invoices for PSR fees:

  1. (1)

    the operator of each regulated payment system must issue invoices to its direct payment service providers for the amount of the PSR fee relating to each direct payment service provider for their participation in that regulated payment system;

  2. (2)

    invoices must be separate invoices which include only the amount of the PSR fee applicable to each direct payment service provider, and must include no other charges, fees, administrative or handling fees;

  3. (3)

    invoices must be issued by the operator on a sufficiently timely basis to enable the direct payment service providers to pay PSR fees to the operator (acting as collection agent for the FCA) by the dates specified in FEES 9.2.2R and 9.2.3R.

FEES 9.2.4DRRP
  1. (1)

    2The operator of a regulated payment system must provide to the PSR, for each of its direct payment service providers, a copy of:

    1. (a)

      its calculations (as specified in column 3 of Table A of FEES 9 Annex 1R); and

    2. (b)

      the underlying data (as specified in column 5 of Table A of FEES 9 Annex 1 R).

  2. (2)

    The operator of a regulated payment system must:3

    1. (a)

      provide the information in (1) to the PSR as soon as possible once FEES 9 Annex 1R is updated for a fee year; and3

    2. (b)

      obtain the PSR’s agreement to the individual PSR fees on a sufficiently timely basis to be able to issue invoices to direct payment service providers in accordance with FEES 9.2.4CR.3

  3. (3)

    The operator of each regulated payment system must provide to the PSR an updated version of the information set out in FEES 9.2.4DR(1) by no later than two working days after the dates set out in FEES 9.2.2R and FEES 9.2.3R, indicating which direct payment service providers have not paid, or not paid in full, their PSR fees.3

FEES 9.2.4EG

2An operator of a regulated payment system should pay the amounts due to the FCA under FEES 9.2.4BR by electronic credit transfer and should notify the FCA if it intends to pay in another way.

Ceasing to be designated as a regulated payment system and ceasing to be a direct payment system provider of a regulated payment system2

FEES 9.2.5GRP

The FCA will not relieve or refund a PSR fee if a payment system ceases to be a regulated payment system, or if a person ceases to be a direct payment service provider of a regulated payment system,2 regulated payment system after the start of that fee year.

FEES 9.2.6RRP

If a payment system ceases to be a regulated payment system, all direct payment service providers2 of that system must pay any outstanding PSR fees before the system2 ceases to hold that status

FEES 9.2.6ARRP

2If a person ceases to be a direct payment service provider of a regulated payment system, 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.

Late payments

FEES 9.2.7RRP

If a direct payment service provider2 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.

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.

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 fee paying direct payment service provider2 if the claim is made more than two years after the beginning of the fee year to which the fee relates.

VAT

FEES 9.2.11RRP

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