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1149831
registered interest false more like this
date less than 2019-10-15more like thisremove minimum value filter
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Debit Cards: Fees and Charges more like this
house id 2 more like this
legislature
25277
pref label House of Lords more like this
question text To ask Her Majesty's Government what plans they have to review debit card charges for retailers such as vehicle retailers which deal in high value transactions. more like this
tabling member printed
Baroness Randerson more like this
uin HL123 remove filter
answer
answer
is ministerial correction false more like this
date of answer less than 2019-10-22more like thismore than 2019-10-22
answer text <p>The Government set up the Financial Conduct Authority (FCA) to protect consumers from the harm that can be caused by bad conduct in the financial services industry. In 2015, it also set up the world’s only Payment Systems Regulator (PSR) with a statutory objective to ensure that payment systems are operated in a way that takes account of users’ needs.</p><p> </p><p>The FCA is the UK’s competent authority for the Payment Services Regulations (PSRs) 2017. The PSRs aim to make payments safer and more secure and protect consumers. As set out in these regulations, if a payment transaction (be that a bank transfer or debit card payment) is not properly authorised by the customer, the customer’s bank or payment service provider must refund the amount of the transaction to the payer. For authorised payment scams, where the customer has authorised a bank transfer but the money has been paid to a fraudulent recipient, the PSR has brought together consumer representatives and banks to produce an industry code of conduct to address this issue. Launched in May 2019, the code sets out agreed principles for greater protection of consumers and the circumstances in which they will be reimbursed, marking a significant step in delivering improved protections for customers.</p><p> </p><p>Regarding debit card charges, the UK implemented the EU’s Interchange Fee Regulation in 2015 which introduced a cap on one of the key fees applicable to card payments. The European Commission is in the process of reviewing the effectiveness of this regulation as part of its usual process. The PSR, who is the UK’s lead competent authority for the Interchange Fee Regulation, is also conducting a review into the supply of card-acquiring services. Amongst other things, this review will examine the fees merchants pay for these services.</p><p> </p>The Government is open to hearing views on this issue, and digital payments more broadly, as evidenced by its Call for Evidence on Cash and Digital Payments in the New Economy.
answering member printed The Earl of Courtown more like this
grouped question UIN HL124 more like this
question first answered
less than 2019-10-22T15:13:29.72Zmore like thismore than 2019-10-22T15:13:29.72Z
answering member
3359
label Biography information for The Earl of Courtown more like this
tabling member
4230
label Biography information for Baroness Randerson more like this