Treasury Committee to question payments regulator on fraud reimbursement and card transaction fees
The Treasury Committee questions the leadership of the Payment Systems Regulator (PSR).
The PSR regulates the payments industry, including card providers Visa and Mastercard, the ATM cash network LINK, and the faster payments system.
Earlier this year, the Committee criticised the PSR’s plans for implementing mandatory fraud reimbursement as “half-baked”. The PSR revised its proposals in light of the Committee’s work. MPs are likely to question the regulator’s leadership on the updated proposals around authorised push-payment fraud.
The MPs are also likely to examine the regulator’s work on card transaction fees and cross-border interchange fees, which have increased since the UK’s departure from the European Union. Last year, the Committee questioned the regulator on card fee increases in a series of correspondence.
The Committee is also likely to examine the wider work and remit of the regulator, including its work on access to cash and digital payments, and seek its views on the impact of cryptocurrencies and central bank digital currencies on the payments industry.