The Payment Systems Regulator (PSR) has published its revised Powers and Procedures Guidance (PPG) and a revised version of its IFR Guidance, which has been updated to reflect the changes made to the PPG.
The original PPG was published in 2015, when the PSR became operational. The revisions to the existing guidance reflect developments in the PSR’s processes and practices, as well as its increased remit. The revised guidance also aims to be more informative, for example, to help regulated parties understand how the regulator chooses which of its powers to exercise and when.
As a result of five years of practical experience using its powers and performing its functions, the PSR’s processes have developed significantly. Following public consultation, the regulator has therefore revised its Powers and Procedures Guidance under the Financial Services Banking Reform Act 2013 (FSBRA). The PSR has also updated its guidance on its approach to the Interchange Fee Regulation (IFR), revising the relevant chapter to bring it in line with the updated PPG.
The PSR is committed to giving regulated firms clear and helpful guidance on how, when and why it uses its powers. The guidance outlines the regulator’s current role and remit and how it collaborates with concurrent regulators and authorities. Today’s publication also contains more information about the procedures and processes the regulator uses. For example, the revised guidance provides more detail about how the PSR decides whether to make a formal direction and about how and when it conducts an enforcement investigation. There is now more useful information about how enforcement decisions are made, including settlement decisions.
Carole Begent, General Counsel and Head of Regulatory and Competition Enforcement at the Payments Systems Regulator, said: “Since we first published our PPG in 2015, we’ve built up a wealth of experience in applying our procedures and working with our regulated community, and our remit has expanded. Of course, it’s important that our guidance reflects all of our current powers and functions and our ways of working. The revised guidance gives greater clarity to those we regulate and will help ensure our procedures are as effective as possible, both now and in the future.
“We’ve comprehensively updated the PPG and IFR guidance, and are grateful to all those who contributed to our consultation and discussion event. We’ve taken their feedback into account in our final revisions.”