The Payment Systems Regulator (PSR) has announced that it has received its first application under section 57 of the Financial Services (Banking Reform) Act 2013. This section gives the PSR the power to vary the terms of agreements relating to access to payment systems.
The PSR reports that a payment services provider (PSP) has asked the PSR to use its section 57 powers to vary the agreement it has with an indirect access provider.
The PSR states that it has taken the decision to proceed to a detailed assessment of the application, during which it will collect and analyse more evidence and information to enable it to reach a reasoned decision.
The PSR anticipates that it will take until the end of June 2017 to complete its enquiries and determine the application. It intends to publish a summary of the case and the key conclusions once the case is completed.