On 31 March 2017, the PSO Delivery Group (PSODG) submitted its recommendations and implementation plan to the Payment Systems Regulator (PSR) and Bank of England.
The plan describes the PSODG’s recommendations regarding key issues relating to the proposed consolidation of three payment system operators, Bacs Payment Schemes Ltd (BPSL), Cheque and Credit Clearing Company Ltd (C&CCCL) and the Faster Payments Scheme Ltd (FPSL).
The PSODG was established by the PSR and Bank of England in October 2016. The objective of the PSODG was to develop a report setting out its recommendations on key characteristics of the proposed ‘New PSO’ (NPSO) entity, and the implementation plan to allow for consolidation to be substantially completed by the end of 2017.
As stated in the PSODG’s Terms of Reference, the PSR and the Bank of England each have an interest in ensuring the group’s recommendations are consistent with the regulators’ respective objectives and that they are designed and delivered effectively. As such, the PSR and the Bank of England will now consider the recommendations and implementation plan with regard to their objectives and consider whether any feedback should be provided on the proposals.
A further announcement is expected at the end of April/start of May.