The PSR has issued a policy statement where we set out our policy decisions on changes to the General and Specific Directions originally issued in March 2015 (our ‘day one’ Directions) and have released a draft text of the proposed Directions for consultation.
This follows extensive engagement with stakeholders following our consultation paper CP18/1, Review of PSR Directions made in 2015 (March 2018).
The aim of this review of our ‘day one’ Directions is to ensure that they remain relevant and proportionate, reflecting market realities, changes to legislation and our role, and potential future developments.
Who should read this document?
This policy statement is relevant to payment system operators, card payment systems, indirect access providers and other payment service providers (PSPs), people and organisations that use UK payment systems, trade bodies, consumer groups and other parties interested in UK payment systems.
When the PSR launched in 2015, we issued six General Directions (GDs 1 to 6) and one Specific Direction (SD1) under the Financial Services (Banking Reform) Act 2013 (FSBRA) (the ‘day one’ Directions), the majority of which were intended to improve access to, and the governance of, payment systems in the UK. Since then, there have been various market and legislative changes. In March 2018, we consulted on a review of these Directions to ensure that they continue to be fit for purpose in a changing payments landscape.
Our consultation paper CP18/1, Review of PSR Directions made in 2015 (March 2018) set out our thinking on what changes to our Directions might be appropriate. Through the consultation, we sought stakeholders’ input to inform our decisions on whether to take forward changes to these Directions and, if so, how to do so. We also asked for stakeholders’ experience of our Directions to date.
Overall, we have seen real benefits flow from our Directions and do not consider that we need to radically rethink our approach. However, we will make some changes to ensure that they remain relevant and proportionate, and to tailor our requirements to market realities, legislative changes and expected future developments. This also reflects the regulatory principles in FSBRA.
What happens now?
We welcome your views on our proposed Directions. If you would like to provide comments, please send these to us by 5pm on 26 April 2019.
Please send any comments and submissions to email@example.com, or write to us at:
Payment Systems Regulator
12 Endeavour Square
London E20 1JN