The Payment Systems Regulator (PSR) will become fully operational on 1 April 2015.
The PSR has published its Annual Plan for 2015/16. In its Annual Plan the PSR outlines its activities to advance its objectives to promote competition, innovation and the interests of service-users as well as its work to continue to build and refine the organisation.
The Annual Plan notes that the PSR will carry out two significant market reviews over the coming year. One review will look at the supply of indirect access to payment systems. The second review looks into the ownership and competitiveness of infrastructure provision to support payment systems.
The PSR will also engage with sponsor banks to facilitate the development of a PSR-approved Code of Conduct that sets out sponsor banks’ responsibilities when providing indirect access to payment service providers. The PSR will approve the code before it is implemented. It expects it to be approved and in place by 30 June 2015 and to come into effect by 30 September 2015.
The PSR also expects to be the competent authority to monitor and enforce the EU Interchange Fee Regulation, which is expected to enter into force in or after May 2015.
View PSR Annual Plan and Budget 2015/2016, 25 March 2015