LONDON—The U.K. Payment Systems Regulator (PSR) has fined Barclays £8.4 million for failing to comply with the Interchange Fee Regulation (IFR).
The reason, the PSR said, is because Barclays “did not provide retailers with full information about the costs of card services it supplied,” according to Fintech Futures.
As a result of Barclays’ actions, the PSR said “retailers were unable to easily understand the transaction fees associated with accepting certain types of card payments.”
“When paying by card, retailers have to pay fees to accept the payment, and these fees can be passed on to consumers through higher prices,” the regulator stated. “Barclays’ failure meant retailers weren’t fully aware of the fees they were paying so could not effectively compare prices of card services, shop around to find cheaper deals, or negotiate the best deal with Barclays – which could have ultimately saved them and their customers money.”
The PSR, which is the UK’s main authority for enforcing the IFR, said Barclays failed to comply with the regulation for over three years in total, from December 2015 to December 2018, Fintech Futures reported.
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