The Payment Systems Regulator (PSR) has published minutes from a board meeting held on 17 May 2017. Points of interest in the minutes include the following:
- it was noted that the FCA was having discussions on the impact of Brexit, and that there did not appear to be a similar level of debate by the PSR. Hannah Nixon, PSR Managing Director, advised that there are fewer issues that could impact the PSR, although a close watching brief is being kept on Brexit. The PSR, the FCA and HM Treasury are working together in this area, and will ensure that there is consistent messaging, as appropriate;
- the board was reminded that the PSR is the main competent authority for monitoring and enforcing the Interchange Fee Regulation (IFR), and that the PSR published guidance in 2016 stating that it would require parties to provide information to demonstrate compliance with the IFR. The board was provided with an update on the PSR’s monitoring work, which is currently focused on the interchange fee caps;
- the board received an update on the status of the card acquiring market at its request following concerns raised by the PSR Panel. The board was advised that some features of the acquiring market could impact on the effective functioning of competition. However, the PSR considered that it was not the right time to review this market, mainly because it is important to allow time for the full effects of the IFR and the revised Payment Services Directive to play out. The board agreed that developments should be kept under review; and
- the board received an update on the PSR’s follow-up work in response to the Which? super complaint on authorised push payment scams. The final terms of reference for the project looking at the role of payment system operators had been published, and information was being collated to inform the project.
View PSR Board minutes from meeting held on 17 May 2017, 21 July 2017