Payment Systems Regulator - News, Articles & Research

PSR instigates two market reviews into Visa and Mastercard fees

The UK's Payment Systems Regulator is to undertake two market reviews into Visa and Mastercard scheme fees and cross-border interchange charges.

21 June 2022

Company announcement/security

PSR to make more financial firms provide Confirmation of Payee

Today, the Payment Systems Regulator (PSR) has announced its plans that will see around 400 more financial firms provide Confirmation of Payee (CoP).

09 June 2022

News/payments

NatWest bank brands fined for overcharging interchange fees

Four banks in the NatWest stable - National Westminster Bank, Royal Bank of Scotland, Ulster Bank and Coutts & Company - have been hit with a £1.82 million fine for overcharging interchange fees on credit cards.

16 May 2022

News/regulation

UK watchdog takes on card schemes

The UK's Payment Systems Regulator (PSR) has put the card schemes on notice that it is investigating their fees and how to help merchants get better deals, including by promoting the alternative of account-to-account payments.

01 April 2022

Company announcement/regulation

UK regulators review MoU on payment systems

The Bank of England (BoE), the Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA) and the Payment Systems Regulator (PSR) have a Memorandum of Understanding (MoU) that sets out the high-level framework the Authorities use to cooperate with one another, in relation to payment systems in the UK.

14 February 2022

Company announcement/people

UK names interim chairs of FCA and Payment Systems Regulator

HM Treasury has announced that they have started the search for the next Chair of the FCA. While the search for Charles Randell’s permanent successor concludes, Richard Lloyd OBE will act as interim chair of the FCA from 1 June 2022. Aidene Walsh will act as interim chair of the PSR from 1 April 2022.

04 February 2022

News/payments

PSR bids to shake up card acquiring market

The UK's payments watchdog has set out new rules designed to inject more competition into the market for card acquiring services.

27 January 2022

News/regulation

PSR slaps prepaid card firms with £33 million fine for cartel behaviour

The UK's Payment Systems Regulator has imposed fines totalling £33 million on five firms, including Mastercard, for violation of anti-trust laws in the issue of prepaid cards to vulnerable people on welfare benefits.

18 January 2022

News/payments

Payment Systems Regulator publishes five-year plan

The UK's Payment Systems Regulator (PSR) has set out a five-year strategic plan focused on protecting users and promoting competition in the sector.

14 January 2022

News/security

UK Government to legislate for mandatory reimbursement of APP fraud

The UK's banks will be required to publish data on their performance in relation to APP scams, on reimbursement levels for victims, and which banks and building societies’ accounts are being used to receive the fraudulent funds, under new rules proposed by the payment systems watchdog.

18 November 2021

News/security

Three-in-four APP fraud cases rejected by banks overturned by Financial Ombudsman

Consumer complaints outfit Which? has accused banks of treating authorised fraud victims unfairly, with some firms getting decisions over scams and reimbursement wrong in nearly nine in 10 cases.

11 November 2021

News/payments

PSR issues new access to cash directive to Link

Link's mission to ensure free and easy access to cash as the UK's primary cash machine network operator will remain under the purview of the Payment Systems Regulator, following a positive review of its performance by the watchdog.

28 October 2021