This document contains guidance on our approach to monitoring compliance with the Interchange Fee Regulation (IFR) provisions capping interchange fees or equivalent issuer compensation (Articles 3, 4 and 5) and business rules provisions that were brought into force by 9 December 2015 (Articles 6, 11 and 12).
It also includes guidance on our powers and procedures under the IFR as well as guidance on penalties for non-compliance with the IFR.
Note: An updated version was published on 30 March 2016 which corrected some errors in the descriptions of the scheme diagrams in Chapter 2.
Application of the IFR: phase 1 final guidance
We have published our final guidance for the parts of the Interchange Fee Regulation (IFR) that came into force by December 2015.
Policy Statement 16/1: The application of the Interchange Fee Regulation in the UK - Phase 1
We received responses to our consultation from 27 stakeholders.
PSR issues final guidance on EU payment card legislation
The Payment Systems Regulator (PSR) has today issued clear final guidance on new European legislation surrounding payment cards.