PSR Launches Consultation on UK Profitability Reporting for Mastercard & Visa

The Payment Systems Regulator (PSR) is consulting on proposals that would require Mastercard and Visa to report their UK financial performance, enabling the regulator to better monitor and assess scheme profitability over time. The move follows the PSR's market review of card scheme and processing fees, which found evidence consistent with profit margins being higher than would be expected in a competitive market.

The earlier review concluded that the schemes do not face effective competition, with scheme and processing fees rising and insufficient clarity on the fees businesses must pay to accept card payments. In response, the PSR is now consulting on a targeted regulatory financial reporting (RFR) remedy, developed following extensive engagement with both schemes. The proposals would require Mastercard and Visa to provide a profit and loss (P&L) account for their UK card operations, with appropriate levels of disaggregation, alongside contextual information to help the regulator understand the financial performance of their respective UK card businesses.

David Geale, Managing Director at the PSR, said scheme fees have risen substantially in recent years without clear evidence that the increases reflect underlying costs. He added that the proposals are designed to give the regulator a clearer picture of UK financial performance and the drivers behind it, with better transparency helping to assess whether the market is delivering good outcomes for businesses and consumers, or whether further intervention may be required.

The PSR is expected to publish its final decision and directions on the Information, Transparency and Complexity (ITC) and Pricing Governance remedies in summer 2026, having consulted on these earlier in the year.

Read the press release here.