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UK’s payments regulator consults on changes to penalty statements

( March 16, 2023, 14:19 GMT | Official Statement) -- MLex Summary: The UK's Payment Systems Regulator is consulting on changes to how it determines financial penalties. Under the plan, its three penalty statements, which contain principles for determining if a penalty will be imposed and the amount, will be combined into one. It will also change the way it considers the duration of a compliance failure, how it takes account of revenue and clarify when it considers a failure reckless or deliberate. Feedback is welcome on the proposal until April 27. Chris Hemsley, the PSR’s Managing Director, said: “Last year we imposed fines up to a value of 44 million pounds…This updated penalty statement will provide greater clarity to payment firms about what to expect if we find they have broken our rules or not followed our directions.”Statement below and consultation attached. ...

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