The U.K. Payment Systems Regulator updated its Powers and Procedures Guidance to reflect recent developments in its processes and structure. The guidance explains: (i) the PSR's role and its ways of working; (ii) the Financial Services (Banking Reform) Act 2013 legal and regulatory framework under which it operates; (iii) the PSR's powers to take regulatory action under the FSBRA, how the PSR will decide what, if any, action to take, what processes and procedures it will follow, and how a party can appeal against regulatory action; and (iv) the PSR's powers to take enforcement action under the FSBRA where it considers that a potential compliance failure has occurred, how it will decide what, if any, enforcement action to take, what processes and procedures it will follow, and how a party can appeal against a decision to impose a penalty or publish details of any compliance failure.
The PSR has also published a response to its October 2023 consultation on the updated guidance. Changes to the guidance include in relation to: (a) the process for opening an investigation; and (b) flexibility for staff deployed on monitoring or enforcement to work across functions. The guidance applies from September 20, 2024.
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