PSR is consulting on proposed changes to reporting requirements for its general directions on direct access and governance which apply to payment system operators in the UK. PSR is proposing to:

  • combine the reporting process for the access and governance directions for operators that are affected by both;
  • combine the reporting deadline for general directions 2, 3 and 4 on 31 October (covering the year to 30 September); and
  • provide for a general direction on a transitional provision TP3 to ensure appropriate coverage of the period from 1 July 2015 to 30 September 2015.

PSR is proposing these changes following its report on operators’ compliance with its directions (see FReD 23 December 2015), where it noted a potential benefit to combining the access and governance elements into a single report for those operators required to comply with both. The consultation closes on 6 May. (Source: PSR consults on changes to reporting requirements)