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\u2019s only Payment Systems Regulator (PSR) with a statutory objective to ensure that payment systems are operated in a way that takes account of users\u2019 needs.<\/p>
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The FCA is the UK\u2019s 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\u2019s 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>
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Regarding debit card charges, the UK implemented the EU\u2019s 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\u2019s 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>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."} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/3359", "label" : {"_value" : "Biography information for The Earl of Courtown"} } , "answeringMemberPrinted" : {"_value" : "The Earl of Courtown"} , "dateOfAnswer" : {"_value" : "2019-10-22", "_datatype" : "dateTime"} , "groupedQuestionUIN" : {"_value" : "HL124"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2019-10-22T15:13:29.72Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2019-10-15", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Debit Cards: Fees and Charges"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "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.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4230", "label" : {"_value" : "Biography information for Baroness Randerson"} } , "tablingMemberPrinted" : [{"_value" : "Baroness Randerson"} ], "uin" : "HL123"} ], "itemsPerPage" : 10, "page" : 0, "startIndex" : 1, "totalResults" : 1, "type" : ["http://purl.org/linked-data/api/vocab#ListEndpoint", "http://purl.org/linked-data/api/vocab#Page"]} }