Mastercard Europe SA, R (on the application of) v Payment Systems Regulator

Mastercard Europe SA, R (on the application of) v Payment Systems Regulator

Section 54 of FSBRA empowers the Payment Systems Regulator to impose price caps on Interchange Fees by general direction, as such directions are within the statutory language and purpose, and are not limited by the existence of specific powers or appeal rights. Section 108 FSBRA does not preclude the PSR from imposing price caps on Mastercard, as the purpose of the caps is not to enable access or participation but to advance competition and service-user objectives.

Parties
Claimant: Mastercard Europe SA; Claimant: Visa Europe Limited; Claimant: Revolut Bank UAB; Defendant: Payment Systems Regulator; Interested Party: Visa Europe Limited; Interested Party: Mastercard Europe SA
Jurisdiction
England and Wales
Judgment Date
15 January 2026
Procedural Posture
Judicial Review / Final Judgment
Outcome
Claims for judicial review dismissed.
Legal Topics
Statutory Interpretation, Regulatory Powers, Payment Systems, Interchange Fees, Price Capping, Judicial Review, Vires Challenge
Administrative Law Financial Regulation Competition Law Statutory Interpretation Regulatory Powers Payment Systems Interchange Fees Price Capping +2 more

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Parties

Mastercard Europe SA

Claimant

Visa Europe Limited

Claimant

Revolut Bank UAB

Claimant

Payment Systems Regulator

Defendant

Visa Europe Limited

Interested Party

Mastercard Europe SA

Interested Party

Procedural Posture

Judicial Review / Final Judgment

Legal Issues

  1. 1 Does section 54 of the Financial Services (Banking Reform) Act 2013 empower the Payment Systems Regulator to impose price caps on Interchange Fees by general direction?
  2. 2 Is the PSR precluded from imposing price caps on Interchange Fees for Mastercard by reason of section 108 FSBRA and regulation 103 of the Payment Services Regulations 2017?

Ratio Decidendi

Section 54 of FSBRA empowers the Payment Systems Regulator to impose price caps on Interchange Fees by general direction, as such directions are within the statutory language and purpose, and are not limited by the existence of specific powers or appeal rights. Section 108 FSBRA does not preclude the PSR from imposing price caps on Mastercard, as the purpose of the caps is not to enable access or participation but to advance competition and service-user objectives.

Court Disposition

Claims for judicial review dismissed.

Orders

  • Leave to apply for judicial review granted.
  • Claims dismissed.