Access to payment systems is an important driver of competition and innovation in the provision of payment services.

Our market review will look at the supply of indirect access to payment systems and whether competition is working well for service-users. The scope of the review is set out here in our terms of reference and includes:

  • why we decided to look into the supply of indirect access to payment systems
  • the proposed scope of the review and what could happen as a result of the review
  • what happens next and contact details

Why we are conducting this review

This review was prompted by concerns raised by stakeholders during the Financial Conduct Authority’s Call for Inputs  and the PSR's evidence gathering process that led to our November 2014 consultation document.

During the review we will explore the extent of concerns raised about indirect access - in particular in relation to the limited choice in IAPs and the fees charged for indirect access. We will also evaluate the impact of the indirect access initiatives outlined in our policy statement, published in March 2015.

How do the draft and final terms of reference differ?

Following publication of the draft terms of reference we received 12 submissions. Appendix 2 sets out more details on these submissions and our response. They were generally supportive of the proposed scope for the market review. We have taken all the comments we received into account in this final ToR.


We will now initiate the information gathering phase for the review to collect further evidence and information from stakeholders. We expect to publish an interim report by February 2016 and a final report by July 2016.

Further input from to this review

We welcome views and evidence which will help inform our assessment of the key questions outlined in this ToR. Please send your comments to Or post to:

Indirect access market review team
Payment Systems Regulator (15th floor)
25 The North Colonnade
Canary Wharf
London E14 5HS

Looking for something?

Share this page: