On 5 March 2014, the FCA called for input from the UK payments industry to help the new Payment Systems Regulator (PSR) develop its regulatory approach on issues of competition, access, governance, ownership and innovation and identify early priorities for action. The FCA received many inputs from stakeholders – responses by The Payments Council, The Building Societies Association (BSA), the Cheque & Credit Clearing Company Limited (C&CC) can be viewed here (BSA), here (Payments Council) and here (C&CC) respectively. The FCA intends to consult on the issues set out in the call for inputs in a number of stakeholder workshops.
On 29 May 2014, the FCA published a new payment systems webpage. The new webpage includes an update on the March call for inputs and sets out how the FCA intends to engage with firms as it develops policies for the PSR.
The FCA has published a document summarising comments and outlining the key themes coming out of the debate at the PSR's first stakeholder engagement event on 10 April 2014.
What this means for you
Details of upcoming payment systems events (workshops and roundtables) are included on this new webpage. We anticipate that the new PSR will set out its formal views in consultation papers (via the FCA) later this year, with a framework of rules and guidance to be implemented at a later date. The PSR is to become fully operational in April 2015.