On 22 April 2021, the Payment Systems Regulator (PSR) issued a consultation paper setting out proposed amendments to its guidance on the Interchange Fee Regulation (IFR) following the UK’s withdrawal from the EU and changes to the regulatory framework.

The PSR is proposing amendments to its guidance on the IFR, to reflect legislative changes resulting from the UK leaving the EU. These changes include the conversion of EU legislation into domestic legislation, amendments to ensure the legislation operates effectively after the end of the transition period and certain updates to reflect a small number of changes to the regulatory framework. In particular, the PSR proposes to remove chapter 4 of the guidance, removing references to weighted average interchange fees and amending references to the rules on surcharging in the UK. The PSR has published as Annex 2 a blackline version of the guidance showing the proposed changes.

The deadline for comments is 21 May 2021.