Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR)

The FCA and PSR announced that they support the CMA’s guidance on its approach to business cooperation in response to COVID-19 under competition law and will take a consistent approach to their competition law enforcement activity in the financial services sector. This means that these regulators will not enforce competition law in a way that impedes financial services providers from working together to provide essential services to consumers during the COVID-19 pandemic.

The PSR’s deadline for responding to the call for Input on competition issues that could arise in the UK’s New Payments Architecture was originally set for 24 March. The PSR has announced that it will be reviewing the impacts of COVID-19 on submission and may consider setting a revised submission deadline in the coming weeks.