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PSR PS 15/1: A new regulatory framework for payment systems in the UK

Published 25 03 2015
Last updated 27 03 2015

This Policy Statement confirms how we will regulate the payment systems industry from 1 April 2015, and reports on the main issues arising from Consultation Paper PSR CP 14/1.

Separately, we have also published the Terms of Reference for two market reviews (on indirect access and infrastructure provision), our annual plan and budget for 2015/16, and a policy work programme for 2015/16.

Who should read this?

This policy statement is relevant to payment system operators, banks, building societies and other payment service providers (PSPs), infrastructure providers, people and organisations that use UK payment systems, trade bodies, consumer groups and other parties interested in UK payment systems.

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PSR PS 15/1 – A new regulatory framework for payment systems in the UK:

The background

This Policy Statement is a result of our extensive consultations with our stakeholders - from consumer groups, to businesses, charities, payment service providers and the payment systems industry.

We are grateful for all the responses to our Consultation Paper, which have been so valuable in helping us arrive at our framework for regulation.

The Policy Statement contains our regulatory approach, the guiding principles we will follow and a clear set of policies, directions and guidance that clarifies what our regulation means for the industry.

Further information

Our November 2014 Consultation, A new regulatory framework for payment systems in the UK (PSR CP14/1), proposed how we intended to regulate the payment systems industry.

In January 2015 we published a consultation on procedural guidance relating to our competition powers.

Also read…

Terms of Reference for market review into the supply of indirect access  

Terms of Reference for market review into the ownership and competition of payment infrastructure 

Annual plan and budget for 2015/16

Policy Work Programme for 2015/16

FCA call for inputs on setting up PSR March 2014