The following Financial Services practice note produced in partnership with Sidley Austin LLP provides comprehensive and up to date legal information covering:
The Payment Systems Regulator (PSR) has a number of statutory duties and powers under the Financial Services (Banking Reform) Act 2013 (FS(BR)A 2013). In discharging its general functions in relation to payment systems, the PSR must, so far as is reasonably possible, act in a way which advances one or more of its payment systems objectives.
The PSR has three payment systems objectives under FS(BR)A 2013:
the competition objective
the innovation objective; and
the service-user objective
The PSR must also have regard to:
the importance of maintaining the stability of, and confidence in, the UK financial system
the importance of payment systems in relation to the performance of functions by the Bank of England (BoE) in its capacity as a monetary authority; and
the regulatory principles in FS(BR)A 2013, s 53(see Regulatory and competition powers below)
The Objectives Guidance explains how the PSR will advance its objectives in carrying out its functions. For more information, see Practice Note: Payment Systems Regulator—supervisory approach—Objectives Guidance.
The PSR’s competition objective is to promote effective competition in the market for payment systems and the markets for services provided by payment systems, in the interests of service users (ie those who use services provided by payments systems). Promoting effective competition includes, in particular, promoting effective competition between different operators of payment systems, between different payment service providers, and between different
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