PSR consults on extension and exemption process

The PSR is consulting on how it plans to make decisions on exemptions or extensions to its directions and requirements. In principle these will be appropriate in only limited circumstances. When it receives a request, the PSR will consider:

• whether any request would undermine its objectives – in which case it would be unlikely to grant it;
• the context of the direction or requirement the request relates to;
• the burden on the regulated entity of not granting the request;
• the impact on businesses and consumers more widely of granting the request; and
• for extension requests, what the applicant has done to mitigate risks of delay and what action it has taken to ensure it will comply with the rules in a timely manner.

Consultation closes no 3 June.