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Assess regulation for consistency and proportionality across the range of bodies with overlapping responsibilities, including the Financial Conduct Authority (FCA), the Payment Systems Regulator (PSR) and the Financial Ombudsman Service (FOS)

The FCA obtains new powers in April 2015 to deal with anti-competitive behaviour in financial services. These competition powers may also be exercised by the CMA. In addition, the PSR was created as a subsidiary of the FCA in April 2014 and will have powers that relate to payment services providers. All this means that, in respect of financial services, the CMA, the FCA and the PSR will have ‘concurrent powers’.

The UK Cards Association is calling on regulators to provide a fully aligned approach and to ensure consistency in their interventions, as an essential factor for a well- functioning card payments market in the UK. A key challenge will be to focus on future risk, as opposed to past events, and to establish greater certainty about what regulators consider appropriate outcomes.

The UK Cards Association is also calling on Government and regulators to establish clear protocols to frame their relationship in order to prevent political pressure overriding regulatory alignment and consistency.

For more a more information on this proposal please see The UK Cards Association submission to Payment Systems Regulator (PSR) consultation on ‘A new regulatory framework for payment systems in the UK’, call us on 020 3217 8200 or email us at

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