On 29 May 2024, the Payment Systems Regulator (PSR) published a policy statement, PS24/1, setting out its decision to update the list of legal entities subject to Specific Directions 14, 15 and 16, which were the remedies introduced in 2022 as a result of the PSR’s card acquiring market review.
Those Directions were issued in 2022 to the 14 most significant providers of card acquiring services, with the aim of improving services and choice for businesses receiving card payments. The PSR notes that issuing the Directions was a crucial step in giving greater transparency to businesses in what can be a difficult area to compare prices and switch services.
Following a consultation launched in January 2024, the PSR explains that it has decided to update to the list of directed firms (including to reflect name changes) and to introduce a new streamlined method of making changes going forward. The PSR also consulted on whether to add an additional firm to the list, but decided not to at this time on the basis of feedback received. The list of directed firms will be kept under review.