On 5 March 2015 the Payment Services (Amendment) Regulations 2015 (SI 2015/422) were laid before Parliament, and came into force on 1 April 2015. This legislation amends the Payment Services Regulations 2009, transferring the functions of supervising and enforcing compliance with the requirements of the 2009 Regulations (relating to access to payment systems) from the Competition and Markets Authority to the new Payment Systems Regulator. This instrument also makes related amendments, including provision for the PSR’s funding for those functions. You can find the new legislation and explanatory notes here:
What this means for you
Firms and payment systems providers should be aware that (with effect from 1 April 2015) the PSR is now the regulatory body responsible for supervising and enforcing compliance with the 2009 Regulations relating to access to payment systems.