Overview
1.1 The Payment Systems Regulator (PSR) is the economic regulator for the payment systems industry in the UK. We were established under the Financial Services (Banking Reform) Act 2013 (FSBRA) as an independent subsidiary of the Financial Conduct Authority (FCA). We have the power under FSBRA to make specific directions and requirements that regulated parties must comply with.
1.2 Our rules, decisions and guidance apply to the participants of the payment systems we regulate. These are defined as:
1. operators of regulated payment systems
2. payment service providers
3. infrastructure providers
1.3 It is important that regulated parties comply with our specific directions and requirements. We take non-compliance very seriously. We have a range of regulatory powers to ensure compliance, up to and including taking enforcement action. Our Powers and Procedures Guidance (PPG) gives further details of the steps we can take.
1.4 We recognise that there may be circumstances where it i
…