PSR IFR Notices Issued To Card Schemes June 2019

2019 Information notices issued by the PSR in relation to monitoring of the EU Interchange Fee Regulation

13/05/2021 Size: 217.6 KB


Download

In 2018, we published information notices issued to card schemes, that were used to gather information for the purposes of monitoring compliance with the caps in the IFR. We set out on our website our intention to continue gathering similar information in the future from the card schemes. Today we publish the information request issued to the card schemes in 2019. This is done so retrospectively.

In June 2019, we issued these information notices to two card schemes to help us monitor compliance with the caps in the IFR. As part of the information we requested, we asked the card schemes to provide information on transaction values and respective interchange fees, for a subset of acquirers and issuers in the UK during the period of 1 January 2018 – 31 December 2018.

As was the case in 2018, we have chosen to publish the information notices in the interests of transparency because we are asking the card schemes to report on data relating to individual issuers and acquirers. The Notices for both schemes are shown as a single version, which is redacted of identifying information.

What do the information notices contain?

The information notices consist of:

  • a covering letter
  • instructions that the card schemes should follow when compiling the information requested
  • questions which specify the information each scheme should provide.

What we did

We used the information received to inform our work monitoring compliance with the IFR caps of the issuers and acquirers covered by the information notices. In the course of our IFR compliance work, if we identify potential non-compliance, we consider what action to take, including taking enforcement action where appropriate. Which includes the power to publish details of a compliance failure or impose a financial penalty for the compliance failure and publish details of that penalty

Further information

Our guidance sets out the approach that the PSR generally apply in relation to its functions as the lead competent authority for the IFR in the UK.

 

Looking for something?

Share this page: