The FCA has published a policy statement that explains how the 2015/16 PSR regulatory fees will be calculated and collected from participants in regulated payment systems.
The publication confirms the decision to implement ‘indirect billing,’ in which operators of regulated payment systems act as the PSR’s collection agents and issue invoices to their fee-paying payments service providers (PSPs) members to collect PSR regulator fees. Operators then pay monies collected to the PSR.
Operators and fee-paying PSPs need to make sure that they meet the following deadlines:
- Operators must issue invoices for the 2015/16 PSR regulatory fees to their direct PSP members, acquirers and card issuers operating in the UK as soon as possible so that they can pay their fees on time.
- Individual direct PSPs (in BACS, CHAPS, C&C, FPS, LINK and NICC) and acquirers and card issuers operating in the UK (in MasterCard and Visa) must pay their 2015/16 PSR regulatory fees to their operators by 10 December 2015.
- Operators will alert the PSR of any missing payments on 11 December 2015, and the PSR will contact the relevant fee-paying PSPs about their fees.
- Operators must pay the monies collected to the PSR by 21 December 2015.