The Payment Systems Regulator (“PSR“) has published its revised Powers and Procedures Guidance (“PPG“) and a revised version of its Interchange Fee Regulation Guidance (“IFR“) which has been updated to reflect the changes made to the PPG.
Last year PSR consulted on changes to both its PPG, which was first published before it became operational in 2015, and its IFR Guidance. The revisions to the existing guidance reflect developments in the PSR’s processes and practices, as well as its increased remit. PSR says the changes are designed to make it easier for stakeholders to understand its role, its approach to using its powers and how it functions.
In summary, the guidance outlines the regulator’s current role and remit and how it collaborates with concurrent regulators and authorities. It also contains more information about the procedures and processes PSR uses. The revised guidance provides, for example, more detail about how it 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.