Consultation on Changes to the Bank's Standards for Card Payment Systems December 2015

Following its consultation on an Issues Paper released in March 2015, the Bank has published a Consultation Paper proposing changes to its standards for card payments systems. The review follows a recommendation in the Final Report of the Financial System Inquiry (FSI) that the Payments System Board (PSB) consider a range of measures related to card payments regulation, particularly in relation to interchange fees and surcharging. The Consultation Paper includes draft standards relating to interchange fees in designated credit, debit and prepaid card systems and to scheme rules relating to surcharging arrangements in designated systems. The PSB seeks views on the draft standards as well as on other issues discussed in the Consultation Paper. The Consultation Paper also seeks industry views on appropriate implementation dates for any revised standards. Submissions on the Consultation Paper were due by 3 February 2016.