Guidance

Payment Systems Regulator: designation orders

Designation orders bringing payment systems into the scope of the Payment Systems Regulator.

• From: HM Treasury
• Published: 23 March 2015
• Last updated: 31 August 2022 — See all updates

Documents

Fnality Designation Order

PDF, 337 KB, 1 page

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Bacs designation order

MS Word Document, 59.5 KB

CHAPS designation order

MS Word Document, 57.5 KB

Faster payments designation order

MS Word Document, 59 KB

LINK designation order

MS Word Document, 58 KB

Northern Ireland Clearing designation order

MS Word Document, 58 KB

Cheque & Credit designation order (20 December 2017)

PDF, 126 KB, 1 page

Cheque & Credit designation order (1 April 2015)

MS Word Document, 58 KB

Visa designation order

MS Word Document, 58.5 KB

Mastercard designation order

MS Word Document, 58 KB

Details

The Financial Services (Banking Reform) Act 2013 allowed for the creation of a new Payment Systems Regulator (PSR), with three objectives: to promote competition, to promote innovation, and to ensure that payment systems respond to the needs of consumers.

In October 2014, the Government launched a consultation on the designation of payment systems for the Payment Systems Regulator (PSR). Following this, the Government announced at Autumn Statement 2014 that it intends to designate eight systems at this stage.

At Budget 2015, the Government confirmed this commitment to bring Bacs, CHAPS, Faster Payments, Cheque & Credit Clearing, LINK, Northern Ireland Clearing, Visa and MasterCard into the scope of the PSR.

The Sterling Fnality Payment System was designated as a regulated payment system in August 2022.

The documents below are orders specifying these nine systems for regulation by the PSR.

Published 23 March 2015
Last updated 31 August 2022 + show all updates

1. 31 August 2022

   Fnality Designation Order added

2. 20 December 2017

   Updated with Cheque & Credit designation order (20 December 2017)

3. 25 March 2015

   mastercard order added

4. 23 March 2015

   First published.