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Update on publication of the card-acquiring market review interim report

Published 22 07 2019

We are carrying out a market review into the supply of card-acquiring services following concerns that the supply of these services may not be working well for merchants, and ultimately consumers.

In January 2019 we published our final Terms of Reference (ToR) which set out an indicative timetable for our work and explained we would provide updates to this as required. 

Today we are giving an update on our timings. We now plan to publish our interim report for consultation in Q1 2020, rather than by the end of 2019 as originally set out in the ToR. 

During our information gathering and analysis phase, we have had to consider a number of additional issues in the submissions we received about the information we will be collecting. This, together with onboarding and conducting due diligence on the consultants we’ve appointed to help with our analysis, has impacted on our original timetable. 

Our updated plan of work is below.

Phase

Activity

Timing

Information gathering and analysis

Collect evidence and information from market participants

Until end October 2019

Conduct merchant survey

August and September 2019

Analysis of evidence and information gathered

Until end December 2019

Interim report

Publish interim report

Q1 2020

Final report

Conduct hearings

Q2 2020

Publish final report

Q3 2020