HM Treasury Seeks Input on Interchange Fee Regulation (July 28, 2015)
EU-wide Interchange Fee Regulation (IFR) goes into effect in December, and the U.K. government is seeking industry input through Aug. 28 on its implementation of the interchange caps and related provisions. EU member states are able to set lower caps than what’s required by the regulation—30 basis points for credit cards and 20 basis points for debit cards—which was adopted by the European Parliament in March and published by the European Council in May.
The consultation from HM Treasury also seeks views on the length of an exemption period for three-party card systems that use issuers and acquirers.
Responses to the consultation can be sent by email to [email protected], or mailed to Interchange Fee Regulation Consultation, Banking and Credit Team, HM Treasury, 1 Horse Guards Road, London, SW1A 2HQ.