Tag Archives: PSR

John Griffith – Jones leaving the FCA

John Griffith – Jones has confirmed that he will leave both the FCA and the PSR at the end of his term of office on 31 March 2018.

PSR publishes contactless mobile payments page

The PSR has published a new webpage explaining the work it is doing on contactless mobile payments. It says it has noted how the growth in this type of payment could affect its statutory objectives and will publish an update in the autumn to outline the work it has done better to understand the issues […]

FCA makes new rules

FCA made several changes to its rulebook at its Board Meeting on 30 March. Key changes include: changes to fees relating to the FOS and periodic fees for exchanges and benchmark administrators; changes to the FSCS management expenses levy limit; implementing the policy proposal for PSR fees; allowing FCA to set fees relating to MiFID […]

PSR publishes terms of reference for its role in preventing and responding to push-payment scams

Today, the payment systems regulator published its final terms of reference PSR will consider whether it would be effective and proportionate for operators of push payment systems to play a greater role in preventing and responding to APP scams (and possibly wider fraud). The expanded role might be in the form of actions that the […]

FCA to tackle contactless card fraud

John Griffith-Jones, Chairman of FCA and Payment Systems Regulator, has written to Rt Hon. Andrew Tyrie MP, Chairman of the Treasury Committee, about contactless card fraud. In 2015 there was £2.5m of reported contactless fraud, out of £7.75bn of contactless transactions. In his letter, Griffith-Jones highlights the key risk as merchants who process payments ‘offline’ (ie batch […]

Payment systems regulator unveils 2017/18 plan and budget

In the plan the PSR sets out its aims and a summary of its anticipated activities and expected costs for the next twelve months. The PSR said its budget costs would consist of: Staff costs: £7.9m Professional fees: £2.5m Accommodation and office services: £0.8m Training, recruitment and travel: £0.4m Information systems: £0.4m The PSR said that during […]

PSR looks forward to increased payment systems access

PSR’s annual report on access and governance of payment systems looks forward to new providers getting direct access to the interbank payment systems in the next year.  It hopes this will improve competition in payment services and high street banking and therefore be good for consumers. Hannah Nixon said PSR expects the new entrants to […]

PSR to look at push payment risks

The PSR has published draft Terms of Reference for a project looking at the potential for payment system operators (PSOs) to play a role in minimising consumer harm caused by authorised push payment (APP) scams in the UK. This follows the super-complaint submitted by Which? that made it clear the CHAPS and FPS operators do […]

Treasury consults on PSD 2 implementation

Treasury is consulting on draft legislation to implement PSD 2 into UK law. The Government wants to finalise the legislation as early in 2017 as possible to give industry as much time as possible to make changes. The Government will, as usual, continue to work to implementation of all relevant EU measures and in principle, […]

PSR receives super-complaint on push payments

PSR has received a super-complaint from Which?. The complaint wants more action by regulators and possibly legislation to reduce the risks that customers are defrauded when they make “push” payments.