The Payment Systems Regulator (PSR) has published Consultation Paper 15/44: PSR regulatory fees 2016/17 (CP15/44).
In CP15/44 the PSR sets out its proposed methods for allocating its Annual Funding Requirement (AFR) for 2016/17 and how it proposes to calculate and collect its fees. The PSR regulatory fees will fund the PSR’s function and activities in relation to the Financial Services (Banking Reform) Act 2013 (FSBRA), as well as in relation to a new competency of the PSR in relation to the EU Interchange Fee Regulation (IFR).
The PSR’s AFR for 2016/17 is approximately £15 million, which it is proposing to split across the PSR’s FSBRA and IFR functions as follows:
- £13.5 million for functions and activities in relation to FSBRA and concurrent competition powers; and
- £1.5 million for functions and activities in relation to the IFR.
For FSBRA the PSR is proposing to follow the same collection approach as last year.
For IFR the PSR is proposing a separate, three tier, approach to the allocation of the funding requirement across the card payment systems that operate in the UK and are subject to the IFR as follows:
- equal allocation across the larger IFR card payment systems;
- those with a more limited UK prescence would pay a flat fee; and
- the systems with the smallest UK presence would pay nothing.
The deadline for comments on CP15/44 is 11 February 2015.
View CP15/44: PSR regulatory fees 2016/17, 17 December 2015