PSR publishes Board minutes: PSR has published the minutes from its February Board meeting. The Board discussed:

  • the Managing Director's report: in particular:
    • the PSR concurrency consultation; 
    • amendments to the information gateway flow chart for staff showing how information should be shared with FCA/other authorities; and 
    • the recent setting up of a new Interbank System Operators Coordination Committee by a number of payment services providers;
  • the consultation on PSR's regulatory approach: especially: 
    • the need for further consideration of the proposed governance requirements for card operators to include the publication of the minutes of the operators' governing body and representation of service users' interests in decision making; and 
    • the recommendation to abandon two of the three "PSR Principles" previously proposed;
  • the assessment of operational and policy readiness for “day 1” of the PSR on 1 April;
  • terms of reference for market reviews: the Board agreed the scope and engagement strategy for the reviews;
  • a potential complaints scheme: the Board noted that FCA’s Independent Complaints Commissioner had indicated that he would be willing to be engaged by PSR to deal with any complaints against PSR;
  • Memorandum of Understanding (MoU) with CMA: the Board noted the update on the position regarding PSR’s proposed MoU with CMA;
  • the progress made to implement the EU Payment Accounts Directive;
  • the draft of the PSR annual budget and plan, noting the way in which the budget had been calculated; and
  • the remedies available to consumers in the event of failures.

(Source: PSR Board Meeting 11 February 2015)