Pay.UK published its response to HM Treasury’s consultation on the Bank of England’s fee regime for recognised payment systems on 1 September 2026. The operator of the UK's retail interbank payment systems accepts the case for raising the supervisory fee cap. It asks the Treasury to add a minimum notice period, an annual increase limit and index-linking to the regime.
HM Treasury published the consultation on 15 July 2026. Responses were due by 31 August 2026. The Treasury proposes to raise the annual supervisory fee cap to £1.7 million per in-scope system or service provider. It also proposes to raise the Special Project Fee cap to £650,000 in any one-year period. Pay.UK notes that neither cap has been amended since 2018. The proposals would also bring recognised digital settlement asset service providers into the fee-paying population.
Pay.UK calls the proposed increase to £1.7 million significant. It suggests a maximum year-on-year fee increase of around five per cent for an individual supervised entity. It asks that any increase be notified at least nine months before the start of the affected calendar year. It also proposes smoothing future cap increases by linking the cap to a consumer prices index. Pay.UK warns that supervisory fees can affect the costs borne by participants and, indirectly, end users.
Pay.UK does not object to the higher Special Project Fee cap. It asks that material recurring supervisory costs continue to be recovered through the ordinary annual fee process rather than through Special Project Fees. Amending the fee regime requires HM Treasury to make a statutory instrument.