RP20/1 – Our final revised ‘day one’ Directions and response to consultation
We’ve published revised versions of our ‘day one’ Directions, covering communications with the PSR as well as payment systems’ access and governance arrangements. The changes will make sure we can regulate effectively now and in the future.
Alongside the final revised Directions we’re publishing our response paper RP20/1, which explains how we considered consultation responses to finalise the wording of the Directions.
Why we’re publishing this document
We published our original ‘day one’ Directions when we became operational in 2015. We’ve revised them to ensure that they remain relevant and proportionate.
We’ve drawn on our practical experience applying and monitoring the Directions to make amendments that reflect market realities, changes to legislation and expected future developments. We’ve also engaged extensively with our stakeholders, including through an initial consultation on our review (CP18/1, March 2018), and then a consultation on our proposed changes (CP19/3, March 2019).
Who should read this document
The parties we regulate should read the revised Directions. They now apply to more parties, and some will have new or amended obligations.
What this document contains
RP20/1 contains a detailed explanation of the revisions we have made to our proposed Directions following consultation CP19/3.
Key changes to the original ‘day one’ Directions include:
- General Direction 1 – Cooperative relationships with the PSR: This now also applies to parties we regulate under the IFR and the PSRs 2017, as well as FSBRA.
- General Direction 3 – Access (PSRs 2017): Previously covered Visa, Mastercard and LINK; now also applies to JCB, UnionPay, Diners Club and American Express.
- General Direction 4 – Service-user interests (interbank payment systems):
The operators of Bacs, Faster Payments, Cheque and Credit, and LINK must:
- engage with their service users to ensure that their decisions are in those users’ interests
- publish an annual report on their service-user engagement
The new General Direction 4 consolidates the previous General Directions 4 and 6.
- Specific Direction 1 – Access (sponsor banks): This now applies to all sponsor banks. Sponsor banks must now give access seekers tailored indicative timetables for their application process.
We’ve produced a factsheet summarising the changes to all the Directions.
You can read the revised Directions on our Directions pages:
What happens next
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.