Emma RadmorePSR has looked back on its major work and developments during 2022. Chris Hemsley noted that post-pandemic, there was a lot of significant discussion with consumer groups, businesses and payment firms. PSR’s 5 year strategy, published early last year, highlights the importance of consumer protection and during the year PSR progressed its work on preventing payment scams and looking after victims. Among other things, it directed an additional 400 PSPs to use COP.
Separately, it’s been active in reforming card-acquiring services, to help merchants get better deals and improve competition. It also completed its competition case involving a cartel in the pre-paid cards market and 2 investigations on interchange fees. It issued a total of £44m in financial penalties.