On 17 November 2015, the Payment Card Interchange Fee Regulations 2015 were laid before UK Parliament. This Statutory Instrument (SI) implements parts of the EU regulation on interchange fees for card-based payment transactions (the Interchange Fee Regulation). The Interchange Fee Regulation is directly applicable in the UK; this SI has been made to comply with the obligations under articles 13 to 15 of the EU regulation (the designation of competent authorities to ensure enforcement, rules on penalties, and settlement of disputes).
What this means for you
These regulations appoint competent authorities to monitor and enforce compliance with the Interchange Fee Regulation, and it enables non-compliance to be penalised. It also exercises options available to the UK on some of the requirements of the Interchange Fee Regulation:
- the option in article 1(5) to exempt any domestic transactions under a payment card scheme meeting the requirements in article 1(5) from fee caps until 9 December 2018
- the option in article 3(3) to allow the interchange fee cap to be calculated on a weighted average basis for domestic debit card transactions until 9 December 2020
The Payment Card Interchange Fee Regulations come into force on 9 December 2015. View the corresponding Explanatory Notes.