Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what input the Payment Systems Regulator has in the Government's decision on which card schemes are to be designated for regulation.
The Government consulted on which payment systems should be brought into the scope of the Payment Systems Regulator in November 2014. The decision to designate eight systems, including two card schemes, was based on the designation criteria set out in the Financial Services Act 2013, using the evidence that the Payment Systems Regulator gathered from industry.
Based on these criteria, the Government does not consider any three-party card schemes to be appropriate for designation at this time. The Government keeps this position under review through annual horizon-scanning exercises by the Payments Systems Regulator.