Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what input the Payment Systems Regulator has in assisting defining the criteria and calculations the Government intends to use to determine which particular card schemes will be subject to interchange fee regulation as part of the EU Multilateral Interchange Fee regulation.
The European Interchange Fee Regulation is directly applicable to UK law. However, there are discretions afforded to Member States, including an exemption for certain card schemes which have less than a 3% market share in the UK. The Government has consulted on this issue and will set out its response in due course.