On 25 July 2019, the Payment Systems Regulator (PSR) published Consultation Paper 19/7 – PSR powers and procedures guidance consultation (CP19/7).
The PSR initially published its Powers and Procedures Guidance (PPG) in March 2015 when it became operational. Since then, the powers and functions employed by the PSR have significantly increased. The PPG sets out the procedures and processes that the PSR would generally apply in relation to its functions under the Financial Services (Banking Reform) Act 2013.
The PSR intends to implement the following changes:
- revise the guidance so that it is easier for regulated parties to understand the PPG;
- update the guidelines to acknowledge the expansion of its jurisdiction in relation to monitoring and enforcing compliance with the Interchange Fee Regulation 2015 (IFR) and some provisions of PSD2;
- provide transparency on the processes involved in the use of its direction, requirement and enforcement powers; and
- make consequential revisions to its IFR guidance.
The deadline for comments on CP19/7 is 17 October 2019.
The PSR also intends to consult later in 2019 proposed amendments to its guidance on the monitoring and enforcement role under PSD2 and the administrative decision making role under section 56 and 57 of the Financial Services (Banking Reform) Act 2013.
The PSR expects to make final decisions on the content of the PPG in autumn, and will publish the finalised, updated PPG by the end of 2019.