On 3 October 2023, the Payment Systems Regulator (PSR) published Consultation Paper CP23/9 on proposed revisions to its Powers and Procedures Guidance (CP23/9).
The Powers and Procedures Guidance (PPG) sets out the PSR’s approach to using its powers and how it works in practice. The original PPG was published in 2015 and a revised version in 2020. Since then, the PSR’s management structure has evolved, with the recent announcement of a new-look executive team and a new Supervision and Compliance Monitoring Division. As such, the PSR is now proposing changes to its PPG to reflect this new structure more accurately.
In CP23/9, the PSR is consulting on updates to the PPG including amendments to its processes for deciding:
- Whether to open an enforcement case to investigate a potential compliance failure.
- Who it may appoint from among its staff to become part of the enforcement case team allocated to a case.
The deadline for feedback to CP23/9 is 23 October 2023.