A new regulatory framework for payment systems in the UK: PSR CP 14/1

PLEASE NOTE: This consultation closed on 12 January 2015. Our final approach was confirmed at the end of March in our Policy Statement.

This Consultation Paper sets out our proposed approach to regulating payment systems that have been designated by HM Treasury.

Who does this consultation affect?

  • Payment systems industry participants, including payment systems operators, payment service providers and infrastructure providers.
  • Service-users, who use payment systems and services provided over payment systems.

Next steps

Download a complete list of the consultation questions.

Please send us your comments via email (and Word attachment) by 12 January 2015 to: psrconsultations@psr.org.uk

We will consider your feedback and publish our Policy Statement in March 2015.

Supporting Papers

Alongside our Consultation Paper we are publishing a number of Supporting Papers that contain more detail on our package of proposals and underlying analysis:

Supporting Paper 1 - The PSR and UK payments industry (PSR CP14/1.1)

Supporting Paper 2 - Payments industry strategy and areas for collaboration (PSR CP14/1.2)

Supporting Paper 3 - Ownership, governance and control of payment systems (PSR CP14/1.3)

Supporting Paper 4 - Access to payment systems (PSR CP14/1.4)

Supporting Paper 5 - Interchange fees (PSR CP14/1.5)

Supporting Paper 6 - Regulatory tools (including its annexes) (PSR CP14/1.6)

External reports

In formulating our proposals we commissioned a number of independent reports:

Accenture governance report for the PSR (Annex to PSR CP14/1.3)

Accenture innovation report for the PSR (Annex to PSR CP14/1.2)

KPMG infrastructure report for the PSR (Annex to PSR CP14/1.2)

London Economics report on competition and collaboration for the PSR (Annex to PSR CP14/1.2)

Ofcom/PSR joint study (Annex to PSR CP14/1.2)

RPI paper on international approaches for the PSR (Annex to PSR CP14/1.2)

RPI regulatory approach report for the PSR (Annex to PSR CP14/1.1)

PSR access questionnaires

We received 152 completed responses to our questionnaire on access to interbank payment systems and 33 completed responses to our questionnaire on access to card payment systems. The questionnaires issued to respondents are presented below.

Access to interbank payment systems

Access to card payment systems

Call for Inputs

On 5 March 2014 the FCA issued a Call for Inputs: we have published the non-confidential responses (13MB, 600+ pages).

Consultation Paper factsheet

This factsheet summarises the PSR's Consultation Paper which outlines the PSR's proposed framework for the regulation of the UK payments industry.

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