On 26 June 2014 the FCA published an updated webpage relating to Payment Systems called “Engaging with you”.

As the FCA develops the PSR’s policies in preparation for the commencement of regulation in 2015, it wants to hear stakeholders’ views on the topics and issues that affect them. The webpage sets out news of the FCA’s events and consultations and how stakeholders can get involved.

Upcoming events include:

  • Governance workshop - Friday 11th July
  • Innovation workshop - Friday 18th July

What this means for you

The PSR published an initial Call for Inputs on 5 March 2014, seeking views on the current state of the UK payment systems landscape. The closing date for responses was 15 April and the PSR will be exploring and consulting on the topics and issues from the Call for Inputs in its stakeholder workshops and roundtable events.

Since the government’s decision to focus on competition in the sector, and indeed to establish the PSR, our competition lawyers have been working closely with the FCA and the new PSR. Crucially, we seconded a competition lawyer to the FCA’s new competition department and, in addition, have a competition lawyer on secondment to the PSR, assisting in the development of the new regulatory framework and the establishment of the organisation. Our competition lawyers will be able to advise on the FCA’s and the PSR’s enforcement powers under the Competition Act 1998, market studies and market investigation as well as the application of a new regulatory regime relating to payment systems.