On 26 January 2015, the PSR published a consultation paper in respect of draft guidance on its concurrent competition powers and procedures.

The consultation is relevant to all parties interested in UK payment systems, in particular, to banks, building societies, payment system operators and payment service operators. In the consultation, the PSR seeks views on the draft guidance on:

  • its powers under the Competition Act 1998 that it will obtain on 1 April 2015, and
  • market reviews under the Financial Services (Banking Reform) Act 2013, market studies under the Enterprise Act 2002 and market investigation references.

What this means for you?

The deadline for commenting on the draft guidance is 20 March 2015. After this date, the PSR will review the feedback received before finalising its guidance documents and issuing a feedback statement after its operational launch on 1 April 2015. If appropriate, joint submissions can be made to the PSR and FCA due to the fact that the draft guidance documents are based on the equivalent draft documents published for consultation by the FCA in relation to its own concurrent competition powers. The deadline for joint submissions is 13 March 2015.