On 25 March 2015, and a week before its operational launch
on 1 April 2015 the Payment Systems Regulator (PSR) issued a policy statement
(PSR PS15/1). This sets out the new regulatory framework for payment
systems in the UK. The PSR is an authority without peers domestically and
internationally. Businesses who have not previously been subject to
regulatory scrutiny including interbank operators, payment service providers
and infrastructure providers will now be subject to industry-wide economic
regulation.
The PSR has also issued an indicative programme of work for
2015/16 and announced the launch of market reviews into the supply of indirect
access to payment systems and ownership and competitiveness of payments
infrastructure provision.
The PSR derives its powers from the Financial Services
(Banking Reform) Act 2013. The PSR is a subsidiary of the FCA with its
own statutory objectives and board.
The PSR has three statutory objectives. These are:
•
to promote effective competition in the markets for payment systems and for
services provided by those systems, including between operators, payment
service providers and also infrastructure providers, in the interests of
service‑users
•
to promote the development of and innovation in payment systems, in particular
the infrastructure used to operate payment systems, in the interests of service‑users, and
•
to ensure that payment systems are operated and developed in a way that
considers and promotes the interests of service‑users.
PSR has a range of powers including to:
•
require or prohibit a specific action or set standards
•
require operators to establish or change rules of payment systems, require them
to notify the PSR of changes, or require that operators secure the PSR’s
approval before making rule changes
•
require the operator of a regulated payment system or a PSP with direct access
to grant access to that payment system
•
change the fees, charges, terms and conditions, or terms of access that
operators or PSPs impose on their end-users
•
require the disposal of an interest in the operator of a regulated payment
system, and
•
provide guidance.
A related development is the application of competition law
by the financial services regulators. The fact that the Government has
conferred concurrent competition law powers on both the FCA and the PSR is an
indication of its sustained focus on competition law in the financial services
sector. As from 1 April 2015 the FCA will have concurrent competition law
enforcement powers, including powers under the Competition Act 1998 and the
Enterprise Act 2002 in relation to the provision of financial services.
Similarly, and as from the same date the PSR will have concurrent competition
law enforcement powers in relation to participation in payment systems. While
cases may be transferred between concurrent authorities, only one authority can
exercise prescribed functions in respect of a case at any moment. The
Concurrency Regulations and Concurrency Guidance set out how information will
be shared between relevant competent authorities and how cases will be
allocated. The general principle is that the regulator that will be responsible
for a case depends on which one is better or best placed to do so. The
conferral of new competition law powers on the financial services regulators
might augur well for the application of competition law by an authority that is
able to take into account a wider range of regulatory tools in order to achieve
its objectives. There are high expectations.
See here for a link to the Payment Systems Regulator’s
Policy Statement: https://www.psr.org.uk/sites/default/files/media/PDF/PSR%20PS15-1%20-%20A%20new%20regulatory%20framework%20for%20payment%20systems%20in%20the%20UK%20-%20Policy%20Statement.pdf
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