The Payment Systems Regulator (PSR) has published a policy statement (PS21/1) updating its guidance as to its approach to monitoring and enforcing compliance with the onshored Interchange Fee Regulation ((EU) (2015/751)) (UK IFR).
UK IFR caps interchange costs and imposes transparency obligations on certain interchange participants. The updated guidance, which follows a consultation launched by the PSR in April 2021 (CP21/5), reflects the UK’s withdrawal from the EU and the resulting differences between UK IFR and the EU Interchange Fee Regulation. This includes the reduction in scope of the UK IFR, which no longer caps UK/EU cross-border transactions.
Policy statement PS21/1
Revised guidance on the PSR’s approach to monitoring and enforcing compliance with the Interchange Fee Regulation
Stakeholder submissions to consultation CP21/5
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