Payment Systems Regulator bosses to give evidence to Committee
The Chair and Interim Managing Director of the Payment Systems Regulator (PSR) will appear in front of the Treasury Committee.
Meeting details
PSR Chair Aidene Walsh will appear alongside David Geale, who took up the role of Managing Director on a temporary basis in June 2024.
The Committee may choose to question witnesses on the recent report by the regulator on card fees. This week, the PSR stated that Visa and Mastercard have hiked fees by at least 25% above inflation since 2017, costing UK businesses at least £170m extra a year.
Other potential areas of focus may be the impact of new rules on Authorised Push Payment fraud including the decision to reduce the maximum firms would be required to reimburse customers from £415,000 to £85,000.
The PSR was established under the Financial Services (Banking Reform) Act 2013, which gave it the powers to regulate payment systems in the UK to promote their development and innovation, and ensure they are competitive, and serve the needs of consumers and businesses.