On 9 November 2023, the Payment Systems Regulator (PSR) published a consultation paper on generally applicable requirements: draft review framework.
The PSR has powers under Part 5 of the Financial Services (Banking Reform) Act 2013 (FSBRA) to regulate payment systems designated by HM Treasury. The Financial Services and Markets Act 2023 added new sections to FSBRA containing new requirements for the PSR, including:
- Section 104B which requires the PSR to ‘keep under review generally any generally applicable requirements’.
- Section 104C requiring it to ‘publish a statement of policy with respect to a review of requirements under section 104B’.
In order to meet the requirement in section 104C, the PSR proposes to publish a review framework explaining:
- How it will identify when it should review generally applicable requirements.
- The methods it may use.
- How stakeholders can request a review or respond to the PSR’s relevant consultations.
- How the PSR would prioritise a review.
The deadline for feedback to this consultation is 22 December 2023.