PSR has finalised the guidance on its approach as a competent authority for the EU Interchange Fee Regulation (IFR). This specifically applies to the parts of the IFR which came into force by December 2015 and gives clarity on how the IFR will be applied, monitored and enforced in the UK. It provides information on:

  • who the IFR applies to;
  • interchange fee caps and how PSR will consider who may be exempt;
  • PSR’s approach to monitoring compliance with the IFR;
  • PSR’s powers and procedures under the IFR; and
  • penalties under the IFR.

PSR has also published a final determination which confirms which card schemes operating in the UK are captured by the IFR interchange fee caps. This follows its provisional view given in December 2015. It confirms that American Express must comply with the interchange fee caps from 1 April to 31 March 2017. (Source: PSR publishes guidance on IFR and PSR statement on schemes subject to interchange fee caps)