The Small Business, Enterprise and Employment (SBEE) Act 2015 requires the Government to publish a Business Impact Target (BIT) for deregulation and to obtain independent verification of the deregulatory economic impact. The independent Regulatory Policy Committee (RPC) verifies BIT assessments of qualifying regulatory provisions (QRPs)
In the period 17 December 2021 to 16 December 2022, we had one qualifying regulatory provision (QRP), which was Specific Direction 17, directing around 400 payment service providers (PSPs), to implement a system to offer the Confirmation of Payee name checking service to their customers (both as payers and payees). The RPC validated our BIT assessment of SD17, including the BIT Score of £55.5 million, on 9 December 2022. The BIT Score is an estimation of the net direct cost to businesses.
The PSR also had a number of measures that are BIT exempt. These include measures related to access to cash and the card-acquiring market. We undertook consultations related to policy development on Authorised Push Payment scams, and we issued fines to regulated firms for infringing competition law in the prepaid cards market and other institutions for non-compliance with the Interchange Fee Regulation. We also undertook a range of casework, communications and stakeholder management activities, and a change to management.