We have published a consultation on the way we review our general directions and generally imposed requirements, following recently passed legislation.
Date published: 9 November 2023 Closing Date: 22 December 2023
Why are we publishing this document?
The Financial Services and Markets Act 2023 (FSMA 2023) added new requirements to the Financial Services (Banking Reform) Act 2013 (FSBRA), including:
- Section 104B to ‘keep under review generally any generally applicable requirements’.
- Section 104C to ‘publish a statement of [our] policy with respect to [our] review of requirements under section 104B’.
The Payment Systems Regulator (PSR) has powers under Part 5 of the Financial Services (Banking Reform) Act 2013 (FSBRA) to regulate payment systems designated by the Treasury, including the power to issue:
- general directions to participants in payment systems
- generally imposed requirements relating to system rules
Together, FSBRA calls these ‘generally applicable requirements’.
We use these powers to advance our statutory objectives. We currently have four general directions in place under FSBRA, and no generally imposed requirements.
What does this document contain?
To meet the requirement in section 104C, we propose to publish a review framework explaining:
- how we will identify when we should review generally applicable requirements
- the methods we may use
- how stakeholders can request a review or respond to our relevant consultations
- how we would prioritise a review
Who should read this document?
This document is relevant to the payments industry, particularly those subject to the regulations and obligations we enforce. It may also be relevant to firms, consumer groups and other organisations who have an interest in when and how we use our powers.
What happens next?
This consultation is open until 5pm Friday 22 December 2023. We aim to publish a response in early 2024.
You can email us at firstname.lastname@example.org or write to us at the following address:
Rule Review Framework
Payment Systems Regulator
12 Endeavour Square
London E20 1JN