The Payment Systems Regulator (PSR) has published Consultation Paper 16/4: Our Approach to handling applications under sections 56 and 57 Financial Services (Banking Reform) Act 2013 (FSBRA) (CP16/4). In CP16/4, the PSR is consulting on draft guidance to provide clarity on how it proposes to use its powers to require a payment system operator or an indirect access provider to grant access, or to vary the terms of existing access, to a payment system.
The PSR has powers under section 56 of the FSBRA to grant payment service providers access to certain regulated payment systems. The PSR also has powers under section 57 FSBRA to vary the terms of agreements for access to certain regulated payment systems. These powers also enable PSRs to vary the fees and charges payable in connection with the use of services provided by regulated payment systems. The PSR can only use these powers if a person submits a formal application to the PSR. The deadline for the consultation is 16 September 2016. Once it has considered the responses, the PSR will published a final guidance.