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RP20/2 - Revision of our Powers and Procedures Guidance (PPG): Response to consultation on revisions to our PPG

Published 16 06 2020

We are publishing a revised version of our Powers and Procedures Guidance (PPG), which explains our approach to using the powers we have under the Financial Services (Banking Reform) Act 2013 (FSBRA). We are also publishing a revised version of our Interchange Fee Regulation (IFR) Guidance which reflects the changes made to the PPG. 

Why we are publishing this document

Last year we consulted on changes to both our PPG, which was first published before we became operational in 2015, and our IFR Guidance. 

The revisions to the existing guidance reflect developments in the PSR’s processes and practices, as well as its increased remit. The revised guidance also aims to be more informative, for example, about how the regulator chooses which of its powers to exercise and when. Our consultation process produced a number of stakeholder responses, which have been taken into account when producing the final versions of our guidances. 

The revised versions replace the existing PPG and IFR Guidance

The changes we have made are designed to make it easier for stakeholders to understand our role, our approach to using our powers and how we function. 

What this document contains

Our revised Powers and Procedures Guidance (PPG) explains our approach to using the powers we have under the Financial Services (Banking Reform) Act 2013 (FSBRA)

This document has more information about our procedures and processes; increasing clarity in several areas and adding to the content of, updating and otherwise improving our PPG.

We have also updated our guidance on how we monitor and enforce certain parts of the Interchange Fee Regulation 2015 (IFR), so that it is consistent with the PPG where appropriate.

Who should read this document

Regulated parties and other persons who may be subject to the use of our regulatory, enforcement and information and investigative powers should read this document, along with any individuals, firms and other organisations who have an interest in when and how we use them.