Bank Cards: Fees and Charges

HM Treasury written question – answered on 23rd September 2015.

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Photo of Ian Paisley Jnr Ian Paisley Jnr Shadow DUP Spokesperson (Energy and Climate Change), Shadow DUP Spokesperson (Communities and Local Government), Shadow DUP Spokesperson (Culture, Media and Sport)

To ask Mr Chancellor of the Exchequer, what criteria and calculations the Government intends to use to determine which particular card schemes will be subject to interchange fee regulation as part of the EU Multilateral Interchange Fees regulation.

Photo of Ian Paisley Jnr Ian Paisley Jnr Shadow DUP Spokesperson (Energy and Climate Change), Shadow DUP Spokesperson (Communities and Local Government), Shadow DUP Spokesperson (Culture, Media and Sport)

To ask Mr Chancellor of the Exchequer, what assessment he has made of the scale of the competitive advantage gained by any particular card scheme being exempted from interchange fee regulations as part of the EU Multilateral Interchange Fees regulation.

Photo of Ian Paisley Jnr Ian Paisley Jnr Shadow DUP Spokesperson (Energy and Climate Change), Shadow DUP Spokesperson (Communities and Local Government), Shadow DUP Spokesperson (Culture, Media and Sport)

To ask Mr Chancellor of the Exchequer, what input the Payment Systems Regulator has in assisting defining the criteria and calculations the Government intends to use to determine which particular card schemes will be subject to interchange fee regulation as part of the EU Multilateral Interchange Fee regulation.

Photo of David Gauke David Gauke The Financial Secretary to the Treasury

The European Interchange Fee Regulation is directly applicable to UK law. However, there are discretions afforded to Member States, including an exemption for certain card schemes which have less than a 3% market share in the UK. The Government has consulted on this issue and will set out its response in due course.

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