On 14 October 2014, HM Treasury published a consultation document on the designation of payment systems for regulation by the PSR. The consultation document explains the criteria for the designation of payment systems. It also sets out those payment systems that HM Treasury believes meets the criteria and therefore proposes to designate and bring within the scope of the PSR's powers. Initially, HM Treasury proposes to designate Bacs, CHAPS, Faster Payments, Link, Cheque and Credit, Northern Ireland clearing, Visa and MasterCard.
What this means for you
The consultation period has now ended but it is worth noting that once a payment system is designated, the PSR will have a range of powers over its participants, e.g. operators, infrastructure providers and payment service providers that provide payment services using the system. Any designation orders will be effective by 1 April 2015, the same day on which the PSR becomes fully operational.