DT Economics Managing Partner acts as PSR Settlement Decision Maker in NatWest Group fining

DT Economics Managing Partner David Thomas, acting as a Settlement Decision Maker for the Payment Systems Regulator, has issued a Decision Notice fining NatWest, Royal Bank of Scotland, Ulster Bank and Coutts a total of £1.82 million for overcharging interchange fees on credit cards.

The banks had incorrectly classified several cards as commercial cards when they should have been treated as consumer cards, resulting in fees being set at too high a level and both clients and merchants being overcharged.

The full Decision Notice is available on the PSR's website.

https://www.psr.org.uk/publications/general/decision-notice-psr-investigation-into-natwest-group-banks-non-compliance-with-the-interchange-fee-regulation/