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) consulted on its approach to supervising payment systems in a consultation paper (PSR CP14/1) in November 2014. Its policy proposals were divided into the following areas:
ownership, governance and control of payment systems
direct access to payment systems
indirect access to interbank systems
The consultation closed on 12 January 2015. The PSR considered feedback from its consultation and published its policy statement (PSR PS 15/1) on 25 March 2015. The policy statement confirmed the PSR's regulatory approach and guiding principles and contained a set of policies, directions and guidance to clarify the PSR's supervision of the industry, as further detailed below.
Should these measures prove insufficient to advance the PSR’s objectives, it will consider further action, using its wide-ranging powers.
As a new regulator, the PSR said that it would continue to develop its regulatory approach. It expected, however, its approach to have the following characteristics:
the PSR aims to develop and protect competitive markets, where preferable, and contribute to the creation of market conditions in which innovation thrives and service-users’ interests are protected. It will prioritise actions that will have a widespread positive impact across the market and will take the approach of incentivising good outcomes rather than controlling them
the PSR will regulate only where it has clear evidence that it needs to do
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