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Specific directions

Our decisions, specific directions and requirements

The PSR adopts decisions in individual cases.

‘Specific directions and requirements’ are the decisions that the PSR adopts under FSBRA which relate to individual named industry participants.

Individual specific directions and requirements may include guidance to clarify how a decision will be applied.

We decide which is the most appropriate and proportionate way to intervene – a rule or a decision – based on the specific circumstances of the matter.  The procedures we follow when adopting rules and decisions are set out in our Powers and Procedures Guidance (see box).  We will normally publish all specific directions and requirements.

Latest specific directions and requirements

  • Specific direction on Barclays, HSBC, Lloyds and RBS on access to regulated payment systems (Sponsor Bank Information Direction) – this requires these four sponsor banks to publish information on their sponsor services and indirect access offering.
  • Specific direction 2 - this requires the operator of the Bacs payment system to procure any future contracts for central infrastructure services in a competitive manner. Additionally, the first central infrastructure contract competitively procured in accordance with this specific direction should be capable of receiving and sending all relevant messages (used in the payment system) in the ISO 20022 messaging standard.
  • Specific direction 3 - this requires the operator of the Bacs payment system to procure any future contracts for central infrastructure services in a competitive manner. Additionally, the first central infrastructure contract competitively procured in accordance with this specific direction should be capable of receiving and sending all relevant messages (used in the payment system) in the ISO 20022 messaging standard.
  • Specific direction 4 - this requires the operator of the LINK payment system to procure any future contracts for central infrastructure services in a competitive manner
  • Specific direction 5 - this requires the operator of the FPS payment system to prepare and make available the documentation required to allow conversion between existing messaging standards and ISO 20022.
  • Specific direction 6 - this requires the operator of the Bacs payment system to prepare and make available the documentation required to allow conversion between existing messaging standards and ISO 20022.
  • Specific direction on Bacs Payment System relating to Direct Debit Facilities Management - this requires the operator of the Bacs payment system Direct Debit scheme to:
    • ensure that commercial Facilities Management service providers that wish to do so, can use the Bacs bulk change process to help clients to switch to / from another provider; and
    • submit, for our approval, a plan and timetable to achieve that outcome.