On 19 May 2015, the Regulation on Interchange Fees for Card-Based Payment Transactions (the IFR) was published in the Official Journal of the European Union (Regulation (EU) 2015/751). The IFR applies caps on the interchange fees charged by cardholders’ banks to merchants’ banks every time a consumer makes a card-based purchase. The IFR entered into force on 8 June 2015.
The IFR requires each Member State to appoint a competent authority to supervise and enforce the IFR. In the UK, the lead competent authority is the Payment Systems Regulator (the PSR). The Financial Conduct Authority (the FCA) shares joint responsibility with the PSR for enforcement of some of the provisions of the IFR. There is also a small role for certain other bodies1.
Timeline of key dates relating to the IFR
Click here to view table.