The Payments Council has published an industry best practice guidance document to aid interpretation of, and compliance with, the Payment Services Regulations 2009 (PSRs). The guidance sets out some of the relevant features of the UK payment schemes (CHAPS, the Faster Payments Service and BACS) in the context of the PSRs' conduct of business requirements. (Source: Payment Services Regulations - Industry Best Practice: The UK Payment Schemes in the context of the PSRs' Conduct of Business Requirements - June 2011)