ACS (the Association of Convenience Stores) has responded to the Government’s consultation on “A Streamlined Approach to Payment Systems Regulation”, welcoming the ambition to simplify the regulatory framework while urging targeted protections to ensure small retailers are not disadvantaged.

The Government is proposing to consolidate the Payment Systems Regulator (PSR) within the Financial Conduct Authority (FCA). ACS supports this move, recognising that reducing duplication and creating a clearer, more coherent framework will benefit both consumers and businesses.

ACS is calling on the Government to:
•    Protect access to cash for communities that rely on it, ensuring cash remains a viable and supported payment option.
•    Tackle rising card payment costs by maintaining scrutiny over scheme and processing fees that disproportionately impact small businesses through lack of transparency and weakened competition.
•    Retain specialist focus on payment systems within the FCA, avoiding dilution of the PSR’s expertise and remit.

ACS chief executive James Lowman said: "Convenience retailers are a vital part of the UK’s payment ecosystem, and they need a regulatory framework that supports their role in communities, allowing them to provide different payment options to customers. Whatever form the regulator takes, it must retain its focus on ensuring that card fees are fair for retailers and other businesses."

ACS’ full submission to the consultation is available here.