CP26/1 Market review of card scheme and processing fees - Proposed direction and guidelines

We are setting out changes that will give us data to reach firm conclusions on profitability and make evidence-based decisions on further interventions, as well as enhancing our ability to effectively supervise the schemes.

Why are we consulting?

Our market review found that Mastercard and Visa are not subject to effective competition with fees rising and a lack of clarity on how much businesses will have to pay to accept card payments.

In April 2025, we published a remedies consultation (CP25/1) setting out four potential remedies to address those issues and the detriment arising from them.

We have decided to implement three of those remedies and are now consulting on the detailed form of the directions we are proposing to make. This consultation is on the third remedy – Regulatory Financial Reporting (RFR). We have consulted on the Information, transparency and complexity remedy (the ITC remedy) and the Pricing Governance remedy and will publish the final directions in the summer.

What is in the document?

Having considered stakeholders’ submissions in responses to CP25/1, and after further analysis and stakeholder engagement, we have published a consultation on the proposed legal instrument to implement regulatory financial reporting.

Regulatory financial reporting (RFR) remedy is designed to ensure the PSR receives consistent and reliable financial information on the schemes’ UK card businesses, addressing the current information gap that prevents us from assessing profitability and whether market power may be leading to outcomes that are not consistent with effective competition.

Who should read this document?

Anyone with an interest in card payments in the UK - particularly issuers, acquirers, card scheme operators, businesses and cardholders. We welcome your views on this consultation. If you would like to provide comments, please send these to us by 3 July 2026.