Consultation on PhonepayPlus' regulatory framework review
17th August 2016
PhonepayPlus today publishes a consultation on its regulatory framework. This is looking at how we apply the Code of Practice instead of seeking to change the provisions within it. In our 30th year of regulating the premium rate services (PRS) market, we are working on initiatives, which are designed to ensure that PhonepayPlus remains fit for purpose, collectively known as Project 30. One initiative is our regulatory framework work-stream looking at what we could improve to best support innovation and growth without diminishing consumer protection. This work is to ensure that our regulatory approach remains capable of keeping pace with developments in the market and technology, whilst ensuring everyone can use premium rate services with confidence.
Our regulatory framework consultation proposes:
- development of an objective framework against which we can assess whether services are ‘higher risk’;
- a clear process by which exemptions from the Code will be applied;
- scoping out support from relevant regulators for regulatory handling of new digital services or payment models and other appropriate joint working and considering the value of commissioning a ‘regulatory map’;
- joint monitoring to improve intelligence gathering capabilities available to both the regulator and the industry and equip those who seeking to maintain high compliance standards.
Further information, including details on the proposed changes and how to respond to the consultation are available in the Policy statement and consultation document.
The deadline for responses is 12 October 2016.
Responses to the consultation: