The PSR has finalised its guidance on how it makes decisions on whether to grant extensions and exemptions to specific directions or requirements. Among the things the PSR will consider when it receives a request are:
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any possible impact on payment systems users;
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any impact on the PSR’s statutory objectives or priorities;
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the context in which the request arose;
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the burden on the requesting firm of not granting the request, and any wider impact on business and consumers; and
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what the regulated firm has done to ensure it will comply with the rules in a timely manner and has mitigated the risks to service users or markets.
There are no statutory deadlines within which the PSR has to determine requests, but it will look to do so quickly. However, it stresses that it is the responsibility of the applicant firm to give the PSR all the information it needs in support of its application.