FEES 9.2 PSR fees

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

1. (1)

   in full and without deduction; and

2. (2)

   in accordance with this chapter, subject to:

   1. (a)

      FEES 9.2.1AR;

   2. (b)

      FEES 9.2.1CR; and

   3. (c)

      FEES 9.2.1DR.

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.

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.

3. (3)

   [deleted]

1. (1)

   If 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) 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.

An operator acting as a PSR fee payer must pay the entire PSR fee for the relevant card payment system or IFR card payment system for that fee year.

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.

PSR fee payers falling within the scope of FEES 4.3.6R(1C) – (1E) must pay to the FCA:

1. (1)

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

2. (2)

   the balance of the PSR fee due by 1 September in the current fee year or, if later, within 30 days of the date of the invoice.

If FEES 9.2.2R does not apply, the PSR fee payer must pay its PSR fee in full to the FCA:

1. (1)

   by 1 August in the current fee year; or

2. (2)

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

1. (1)

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

   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; and

   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:

      1. (i)

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

      2. (ii)

         billing address;

      3. (iii)

         FCA firm reference number (where applicable);

      4. (iv)

         company name, registered address and company number; and

      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.

2. (2)

   The operator of a regulated payment system or IFR card payment system must:

   1. (a)

      provide the information in (1) to the PSR and FCA as soon as practicable, but no later than 1 March each year; and

   2. (b)

      provide such other data to the FCA and PSR on request to enable the individual PSR fees to be verified.

3. (3)

   [deleted]

If a payment system ceases to be a regulated payment system, or an IFR card payment system ceases to be subject to the IFR, all direct payment service providers of that system, and the operator of that IFR card payment system, must pay any outstanding PSR fees before the system ceases to hold that status.

If a person ceases to be:

1. (1)

   a direct payment service provider of a regulated payment system or of an IFR card 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; or

2. (2)

   the 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 system.

If a PSR fee payer 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 FCA:

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.

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