In new guidance published today, the PSR provides firms with greater transparency around how it will make decisions on whether to grant exemptions or extensions to a specific direction or requirement.
The PSR uses specific directions and requirements to require firms to make changes that improve payments for people and businesses across the UK.
Following feedback received to its consultation, the PSR has confirmed the key factors it proposed to use as a starting point when considering an exemption or extension request, remain the right ones.
The PSR has made some changes to provide additional clarity on its approach but maintains the bar for granting an exemption or extension is a high one. It is important that all firms are incentivised to comply with the regulator’s rules and all UK payment system users see greater benefits from policy interventions by the PSR being delivered as quickly as possible.
David Geale, the PSR’s Managing Director, said:
“We’ve confirmed our positi
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