Bank Cards: Fees and Charges

Treasury written question – answered on 6th September 2021.

Alert me about debates like this

Photo of Sarah Olney Sarah Olney Liberal Democrat Spokesperson (Business, Energy and Industrial Strategy), Liberal Democrat Spokesperson (Transport)

To ask the Chancellor of the Exchequer, if he will make an assessment of the implications for his policies of the continued use of payment card interchange fees in the UK.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The Payment Systems Regulator (PSR) was established in 2015 with statutory objectives to promote competition, innovation and the interests of service users in payment systems, including card payment systems, with powers of supervision and enforcement in support of these objectives.

With regards to interchange fees, the Government has legislated to ensure that these fees remain capped for UK domestic card transactions, where both the card issuer and acquirer are located in the UK, through the Interchange Fee (Amendment) (EU Exit) Regulations 2019 made under the European Union (Withdrawal) Act 2018. The levels of UK interchange fee caps are at the same levels as before the end of the Transition Period.

Does this answer the above question?

Yes1 person thinks so

No0 people think not

Would you like to ask a question like this yourself? Use our Freedom of Information site.