The Payment Systems Regulator (PSR) has published a consultation paper on its approach to monitoring and enforcing the regulations that is it responsible for under the draft Payment Services Regulations 2017 (PSR 2017). HM Treasury will transpose Payment Services Directive 2 into UK legislation in the PSR 2017 which will replace the PSR 2009. The PSR is consulting on the following regulations as it has been appointed the competent authority for monitoring and enforcing compliance with requirements relating to these regulations:

  • Regulation 61 on information on ATM withdrawal charges;
  • Regulation 103 on prohibition on restrictive rules on access to payment systems;
  • Regulation 104 on indirect access to designated payment systems;
  • Regulation 105 on access to bank accounts. The PSR and the FCA are both competent authorities for this regulation.

Guidance on the PSR’s powers, procedures and penalties under the PSRs 2017 is set out in Appendix 1 to the consultation paper. The consultation closes on 8 June 2017.

View PSR consults on approach to monitoring and enforcing under PSR 2017, 13 April 2017