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PSR CP 16/4: Our approach to handling applications under sections 56 and 57 FSBRA

Published 21 07 2016
Closes 16 09 2016

The PSR is consulting on draft guidance to provide clarity on how it proposes to use its powers to require a payment system operator or an indirect access provider to grant access, or to vary the terms of existing access, to a payment system.

Why are we publishing this?

We are publishing this paper to share our proposed approach on Sections 56 and 57 of the Financial Services (Banking Reform) Act 2013 (FSBRA) and to seek stakeholders’ views.

What are sections 56 and 57 and what powers do they give you?

Under section 56 of FSBRA the PSR has powers to grant payment service providers (PSPs) access to certain regulated payment systems.

We also have powers under section 57 FSBRA to vary the terms of agreements for access to certain regulated payment systems. These powers also enable us to vary the fees and charges payable in connection with the use of services provided by regulated payment systems. We can only use these powers if a person submits a formal application to us.

Who should read this?

This consultation is relevant to banks, building societies and other PSPs who currently provide indirect access to, receive indirect access from, or are seeking to get access from, other PSPs.

Next steps

We welcome stakeholders’ views on our draft guidance by 5pm on Friday 16 September 2016.

You can send your comments and responses to our consultation questions by emailing us at iamr@psr.org.uk.

Once we have considered the responses to this consultation we will publish final guidance, taking into account feedback we receive on the draft guidance.