John Griffith-Jones, Chairman of UK financial regulator the Financial Conduct Authority (FCA) as well as of the spun-out payment systems regulator the Payment Systems Regulator (PSR), has announced that he will leave both organisations at the end of his term of office, on March 31, 2018. No replacement for Mr. Griffith-Jones has yet been named. HM Treasury…
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The Payment Systems Regulator (PSR), the economic regulator for the £75 trillion UK payment systems industry, announced the start of a concerted and coordinated industry-wide effort to tackle payment scams back in December 2016. Following its consultation into the potential role of payment system operators (PSOs) in minimising the consumer harm caused by authorised push payment…
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The Payment Systems Regulator (PSR), the economic regulator for the £75 trillion UK payment systems industry, has today published draft Terms of Reference outlining how it intends to review whether the operators of CHAPS and Faster Payments Scheme (FPS), need to play an expanded role in helping to minimise consumer harm caused by particular types…
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The Payment Systems Regulator (PSR), the economic regulator for the £75 trillion UK payment systems industry, has announced the start of a concerted and coordinated industry-wide effort to tackle payment scams. The regulator today published its response to a super-complaint issued by consumer watchdog Which?, about protection for people making authorised ‘push’ payments. In the…
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UK payments regulator PSR has today proposed changes to the way payment systems infrastructure is procured and provided, the latest step taken by the PSR in a series of developments that is bringing wholesale change to UK payments. Earlier this year, the PSR unveiled the conclusions of its market review into the ownership and competitiveness of…
Read moreUK payments systems regulator PSR has received a "super-complaint" from Which? relating to concerns it has around consumer safeguards in the market for push payments. Which? is the largest consumer body in the UK, with over 680,000 members that subscribe to its magazine, plus over 335,000 online subscribers. Which? is best known for doing things such as…
Read moreFurther to our earlier coverage on new EU payment card legislation to lower Interchange Fees on credit and payment cards, the UK payments regulator PSR has today issued draft guidance setting out how it will monitor and enforce newer elements of Interchange Fee Regulation (IFR) which come into effect in June. It explains that acquirers - companies…
Read moreNew caps mean that the average credit card Interchange Fee will fall by around 70%.
Read moreThe United Kingdom Payment Systems Regulator (PSR) has published an interim report, setting out the findings of its indirect access market review. The review examines the supply of indirect access and to determine whether competition is working well for those who use payment systems – or whether the PSR needs to take further action to…
Read moreThe UK Payment Systems Regulator (PSR) has on Thursday published the provisional findings of its market review into the ownership and competitiveness of the infrastructure that supports the payments systems; Bacs, Faster Payments System (FPS) and LINK. The above-mentioned payment systems are currently owned by a relatively small number of banks, which also control the…
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