The aim of the consultation is to invite industry views on the effectiveness of the current Code and to request proposals about how it could be further enhanced. The consultation will remain open for responses until 8 February 2016, after which feedback will be shared with the Payment Systems Regulator so it can consider responses alongside its market review into indirect access.

Given the scope of the Code potentially encompasses a broad range of organisations, including both subscribers and beneficiaries, responses will be welcomed from across the payments industry: this includes traditional banking organisations, new players in the payments arena, such as non-bank payments organisations and electronic money institutions.

Payment Service Providers (PSPs) can access payment systems directly, by contracting with the operator of the payment system or indirectly by contracting with another PSP that has direct or indirect access to the system. The ability to have access is crucial for a growing number of PSPs, particularly those that are not direct participants of the UK’s payments systems – Bacs, Faster Payments, CHAPS, Cheque and Credit Clearing and LINK.

The voluntary Code of Conduct for Indirect Access Provides covers ‘indirect access’ to UK payment systems. Its principal aim is to improve the experience of Indirect Payment Service Providers (Indirect PSPs) by setting out the responsibilities of Indirect Access Providers that have subscribed to the Code. Since launch, the primary four indirect access providers, Barclays, HSBC, Lloyds Banking Group and RBS, have all confirmed their commitment to the Code and have been registered as Code Subscribers; other Indirect Access Providers are also welcome to apply to subscribe to the Code.

Compliance with the Code is being assessed via a self-certification approach by subscribers, administered by Payments UK.