The Payment Systems Regulator has today published their consultation on proposed remedies for the card scheme and processing fees market. To address the harms set out in its final report, they intend to proceed with information gathering, regulatory reporting and fee transparency remedies. However, they want to gather further evidence throughout the consultation period to develop these remedies or indicate other potential remedies.
While important, these proposed remedies alone cannot drive effective reform. We have long called for pricing interventions, including the introduction of an interim pricing remedy and a price cap in the longer term as the only effective means of bringing effective and lasting reform to the market. We will continue to advocate for these interventions throughout the consultation process and in our engagement with the PSR.
We will update you further when we have reviewed the consultation report in full. You can read our press release here.
The deadline for responding to the consultation is 28 May. Subject to feedback, that will be followed by a final consultation on the specific remedy package.
Please do contact me if you have any thoughts or questions.
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