PSR publishes regulatory framework details: The PSR has confirmed details of the new regulatory framework for payment systems in the UK. Its priorities include:

  • a Payments Strategy Forum with a range of stakeholders to develop and agree strategic priorities;
  • requiring Interbank Operators to ensure there is adequate representation of service-users' interest in their decision-making processes;
  • making a direction to prohibit any individual from being a director of an Interbank Operator and any Central Infrastructure Provider to that payment system;
  • requiring Interbank Operators to publish minutes of their governing body;
  • ensuring Interbank Operators are not restricted in such a way as to prevent them working with the PSR;
  • implementing an access rule for pan-GB operators not already subject to access requirements;
  • applying a reporting rule as part of the general direction on Direct Access;
  • requiring the four primary sponsor banks to publish clear and up-to-date related information;
  • supporting industry's development of an information hub;
  • developing a Sponsor Bank Code of Conduct;
  • supporting technical access solutions led by industry;
  • starting a programme of work on interchange fees; and
  • using its regulatory tools, which it has refined following consultation.

It has also published draft terms of reference for its first two market reviews. (Source: PSR Publishes Regulatory Framework Details)