The Electronic Money, Payment Card Interchange Fee and Payment Services (Amendment) Regulations 2023

The Electronic Money, Payment Card Interchange Fee and Payment Services (Amendment) Regulations 2023 as regards certain regulatory powers of the Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR) in connection with the new Smarter Regulatory Framework for financial services and new accountability requirements for supervisory authorities was published on legislation.gov.uk, the UK’s official website for publicizing legal documents.
The regulations make relevant changes to the
(1) The Electronic Money Regulations 2011 (SI 2011/99),
(2) The Payment Card Interchange Fee Regulations 2015 (SI 2015/1911), and
(3) The Payment Services Regulations 2017 (SI 2017/752) to
– grant powers to the FCA in relation to authorized electronic money institution and payment service providers e.g. to make rules relating to the safeguarding of relevant assets, the control of information, and the appointment of auditors;
– grant powers to the PSR under the Payment Card Interchange Fee Regulations 2015 to set regulatory requirements and standards in the areas of interchange fees and „related business rules for the card market“ and under the The Payment Services Regulations 2017 to set requirements as regards the fees that may be charged for ATM withdrawals; and
– require the FCA to consider the climate targets of UK when exercising its functions under SI 2011/99 and SI 2017/752 as part of its new accountability obligations under the Financial Services and Markets Act 2023.