The Payment Systems Regulator (PSR) has today published revised versions of its General Directions, and Specific Direction 1.
These are the ‘day one’ Directions the regulator published when it became operational in 2015. They cover communication with the PSR as well as payment systems’ access and governance arrangements.
Following consultation, the PSR has updated these Directions to make sure they remain relevant, proportionate and fit for purpose.
General and Specific Directions are requirements the PSR issues to parties that it regulates, such as payment system operators and the payment service providers (PSPs) that use the systems.
The PSR has drawn on its practical experience applying and monitoring the Directions to make amendments that reflect market realities, changes to legislation and expected future developments. It has also engaged extensively with stakeholders through consultations, roundtables and bilateral meetings.
The revised Directions will apply to more parties, with some parties having new or amended obligations.
The continued monitoring and review of its Directions reflects the PSR’s commitment to maintaining a robust but flexible regulatory approach that encourages competition and innovation in payment systems, and promotes good outcomes for everyone who uses them.
Chris Hemsley, Managing Director of the PSR, said:
“We know how important it is for a regulator to adapt. We’ve worked with our stakeholders and reacted to changes in legislation to update and clarify our Directions, so that we can continue to regulate effectively as payments continue to evolve.”
Notes for editors:
The revised General Directions 1 to 5 come into force on 5 April 2020.
The revised Specific Direction 1 comes into force on 5 May 2020.
Directions 2, 4 and 5 no longer apply to CHAPS, as the Bank of England took over the operation of CHAPS in November 2017. The PSR’s FSBRA powers do not apply in relation to the Bank of England
We have published a factsheet summarising the revised Directions and the changes made.
RP20/1 – Our final revised ‘day one’ Directions and response to consultationWe’ve published revised versions of our ‘day one’ Directions, covering communications with the PSR as well as payment systems’ access and governance arrangements.
Factsheet - Our revised 'day one' DirectionsThis factsheet summarises the revisions we made to our 'day one' Directions in March 2020.