The Financial Services (Banking Reform) Act 2013 allowed for the creation of a new Payment Systems Regulator (PSR), with three objectives: to promote competition, to promote innovation, and to ensure that payment systems respond to the needs of consumers.
In October 2014, the Government launched a consultation on the designation of payment systems for the Payment Systems Regulator (PSR). Following this, the Government announced at Autumn Statement 2014 that it intends to designate eight systems at this stage.
At Budget 2015, the Government confirmed this commitment to bring Bacs, CHAPS, Faster Payments, Cheque & Credit Clearing, LINK, Northern Ireland Clearing, Visa and MasterCard into the scope of the PSR.
The documents below are orders specifying these eight systems for regulation by the PSR.