FCA has published a policy statement on its decision and rules on how 2015/16 PSR regulatory fees will be calculated and collected from participants in regulated payment systems. This follows a summer consultation on changes to the calculation and collection method (see FReD 28 August). The statement confirms the decision to implement “indirect billing”, in which operators of regulated payment systems act as collection agents and issue invoices to their fee-paying payment service providers (PSPs). 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. A new Handbook instrument, Fees (Payment Systems Regulator) (Indirect Billing) Instrument 2015, makes the changes. (Source: FCA Rules on PSR Regulatory Fees)