The Payment Systems Regulator (PSR) has published revised powers and procedures guidance (PPG), as well as a revised version of its interchange fee regulation (IFR) guidance.

The original PPG was published in 2015 when the PSR was first operational. The latest revisions include provisions to: ensure that payment systems are operated and developed in a way that considers and promotes the interests of all the businesses and consumers that use them; promote effective competition in the markets for payment systems and services - between operators, payment providers and infrastructure providers; and promote the development of and innovation in payment infrastructure.

As a result of five years of practical experience using its powers and performing its functions, the PSR’s processes have developed significantly. In a statement, the payments regulator said that following public consultation, it has therefore revised its official guidance under the Financial Services Banking Reform Act 2013.

The PSR has also updated its guidance on its approach to the IFR, revising the relevant chapter to bring it in line with the updated PPG.

The revised guidance should provide more detail about how the PSR decides whether to make a formal direction and about how and when it conducts an enforcement investigation.

Carole Begent, general counsel and head of regulatory and competition enforcement at the PSR, said: “The revised guidance gives greater clarity to those we regulate and will help ensure our procedures are as effective as possible, both now and in the future.

“We’ve comprehensively updated the PPG and IFR guidance, and are grateful to all those who contributed to our consultation and discussion event. We’ve taken their feedback into account in our final revisions.”

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