Payment Systems Regulator

Treasury written question – answered on 14th January 2014.

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Photo of Cathy Jamieson Cathy Jamieson Shadow Minister (Treasury)

To ask the Chancellor of the Exchequer whether the payment systems regulator will examine the creation of a common-low-cost platform for challenger banks to access the payment system following its creation; and if he will make a statement.

Photo of Sajid Javid Sajid Javid The Financial Secretary to the Treasury

The Government have legislated for a new competition-focused, utility-style regulator for payment systems in the UK.

The new payment systems regulator will examine the question of access to payment systems once it is up and running.

The payment systems regulator will be equipped with a range of powers over regulated payment systems. These include a power to require the operator of a regulated payment system to grant direct access to the system, and a power to require a payment service provider with direct access to regulated payment systems to grant indirect access to the system.

The payment systems regulator will also have a power (exercisable only on application) to vary the fees, charges, terms and conditions of an agreement for direct or indirect access to a regulated payment system.

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