On 20 August 2015, the FCA announced a consultation on calculating and collecting fees from participants in regulated payment systems.  The Payment Systems Regulator (PSR), which became fully operational on 1 April 2015, intends to allocate its fees equally across pan-UK regulated payment systems (with the two regional cheque systems, C&C and NICC, counted as a single system for fee allocation purposes).

What this means for you

The consultation is relevant to all participants in the UK payment systems industry.  Direct members of regulated payment systems will be liable for PSR fees, which will be collected on the FCA’s behalf by payment system operators.  This approach is intended to minimise the regulatory burden on the industry.  The consultation also covers how PSR fees will be calculated for 2015/16.