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<p>The new Payment Systems Regulator will set out details of the required levy payments once it is operational, and the Treasury has designated the first tranche of payment systems to be regulated. Under the new regulatory regime, the FCA will make rules requiring the payment of specified amounts for the purpose of meeting the costs of the FCA and the Payment Systems Regulator relating to the discharge of the Regulator's functions. Before making these rules, the FCA will be required to consult the Treasury. The Regulator will be required to operate a financial penalty scheme, whereby an amount equal to its enforcement costs is applied for the benefit of its regulated population, by reducing their levy the following year.</p> |