This Policy Statement confirms how we will regulate the payment systems industry from 1 April 2015, and reports on the main issues arising from Consultation Paper PSR CP 14/1.
Separately, we have also published the Terms of Reference for two market reviews (on indirect access and infrastructure provision), our annual plan and budget for 2015/16, and a policy work programme for 2015/16.
Who should read this?
This policy statement is relevant to payment system operators, banks, building societies and other payment service providers (PSPs), infrastructure providers, people and organisations that use UK payment systems, trade bodies, consumer groups and other parties interested in UK payment systems.
Find out more
PSR PS 15/1 – A new regulatory framework for payment systems in the UK:
- final policy statement
- annexes to final statement
- non-confidential responses to the consultation paper: A to B, C to H, I to P, R to Y.
- a factsheet summarising the key points from the policy statement
This Policy Statement is a result of our extensive consultations with our stakeholders - from consumer groups, to businesses, charities, payment service providers and the payment systems industry.
We are grateful for all the responses to our Consultation Paper, which have been so valuable in helping us arrive at our framework for regulation.
The Policy Statement contains our regulatory approach, the guiding principles we will follow and a clear set of policies, directions and guidance that clarifies what our regulation means for the industry.
Our November 2014 Consultation, A new regulatory framework for payment systems in the UK (PSR CP14/1), proposed how we intended to regulate the payment systems industry.
In January 2015 we published a consultation on procedural guidance relating to our competition powers.