PSR is consulting on setting its regulatory fees for the next year. Its costs will be divided between its roles under the Financial Services (Banking Reform) Act (FSBRA) and the EU Interchange Fees Regulation (IFR). PSR is funded by the participants in the payment systems it regulates, and FCA will collect fees on its behalf. For the next year, PSR plans:
- in relation to the FSBRA, to follow the same approach as last year, and allocate costs equally across Bacs, CHAPS, C&C/NICC, FPS, LINK, MasterCard and Visa. The systems operators will collect fees from their payment service provider members, acquirers and card issuers in appropriate proportions; and
- in relation to its newly acquired function of competent authority under the IFR, it plans a separate, three-tier approach applying across the card payment systems that operate in the UK and are subject to the IFR (American Express, Diners Club, JCB Europe, MasterCard, Union Pay International and Visa). It plans equal allocation across the larger IFR card payment systems and that those with a more limited UK presence would pay a flat fee and the systems with the smallest UK presence would pay nothing. Again, the systems operators will collect the PSR fees from their acquirers and card issuers proportionally to their transaction volumes.
PSR seeks comments by 11 February 2016. (Source: PSR Consults on Regulatory Fees)