Supervision release 9 March 2016 – 16/2016

Dispute settlement required by the Regulation on interchange fees

The EU Regulation on interchange fees (Regulation (EU) 2015/751 of the European Parliament and of the Council of 29 April 2015 on interchange fees for card-based payment transactions) requires that adequate and effective out-of-court complaint and redress procedures are in place for the settlement of disputes arising under the Regulation between payees and their payment service providers (Article 15).

The requirement has been implemented into national legislation via amendment of the Payment Services Act (290/2010). According to section 86a of the Payment Services Act, the payment service providers of the payees shall ensure that disputes between payees and their payment service providers can be referred to an independent body for settlement.

In connection with the implementation of the Regulation, it was not deemed necessary to establish new settlement bodies, because the existing bodies can be used for settlement (e.g. FINE – the Finnish Financial Ombudsman Bureau). Some of the service providers are not currently members of such settlement bodies, and some are not sure which settlement bodies they should use.

The Financial Supervisory Authority urges service providers that provide services within the scope of the Regulation on interchange fees to promptly sign a contract with a settlement body, unless they have already done so. Service providers must include reference to the settlement body also in contracts signed with payees.

Service providers are requested to notify to the Financial Supervisory Authority (Kirjaamo(at), no later than 31 August 2016, which settlement body they will use.

For further information, please contact

Senior Risk Expert Anne Nisén, tel. +358 10 831 5211 or anne.nisen(at)