UK Payments Regulator Consults on Draft Updated Powers and Procedures Guidance

The U.K. Payment Systems Regulator has launched a consultation on the updated Powers and Procedures Guidance and Interchange Fee Regulation Guidance. The Regulator published the original Powers and Procedures Guidance in March 2015 before it became operational. The IFR Guidance was published in October 2016 to provide guidance on the Regulator's monitoring and enforcement of the Interchange Fee Regulation 2015. The proposed revisions to the Powers and Procedures Guidance aim to take into account the PSR's practical experience, changes to legislation and the PSR's powers and functions, how the PSR will monitor and enforce the Interchange Fee Regulation as well as provide further clarity on its approach to non-compliance. The proposed changes to the Interchange Fee Regulation Guidance will reflect those made to the Powers and Procedures Guidance.

The consultation closes on October 17, 2019.

View the consultation paper.

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