FPSL’s compliance with the PSR’s General Directions

The Payment Systems Regulator’s (PSR) Policy Statement sets out how the PSR intends to regulate the payment systems industry using regulatory tools including legislation, rules issued by the PSR (referred to as general directions (GDs) and requirements), written guidance, and decisions. The PSR has issued six GDs. The table below demonstrates Faster Payments Scheme Limited’s (FPSL) ongoing compliance against all GDs to date.

 

PSR General Direction (GD)  

Requirement 

Deadline

Compliance

GD 1 : Participant’s 

relationship with the PSR
FPSL must engage with the PSR in an open and cooperative way Ongoing  
GD 2: Access FPSL must have objective, risk-based  and publicly disclosed access requirements which are fair and open to all 28 September 2018 (compliance)

31 October 2018 (report)
 
GD 3: Access This direction is not applicable to FPSL and only applies to Link, MasterCard and Visa to publically disclose access requirements N/A N/A
GD 4: Governance - Service User   FPSL must represent the interests of its service usersat Board level (governing body) 28 Sept 2018 (compliance)

31 October 2018 (report)
 
GD 5: Governance - Conflicts of interest FPSL’s Directors must not be Directors of Faster Payments and its Central Infrastructure provider 30 April 2015

and ongoing
 
GD 6: Governance - transparency FPSL to publish its Board minutes 30 April 2015

and ongoing
 
 

 

 Key
    On track
    In progress
    Requires action