UK PSR Consultation to Force Disaggregated P&L Reporting from Mastercard, Visa by July 2026
MA•UK regulator PSR has opened a consultation compelling Mastercard and Visa to report disaggregated P&L accounts for UK card operations by July 3, 2026 to clarify profit margins after finding fees may exceed competitive market levels. The regulatory remedy aims to deliver data on UK profitability to guide future interventions.
1. Consultation Launch and Objectives
The Payment Systems Regulator has launched a consultation on a targeted regulatory financial reporting remedy requiring Mastercard and Visa to submit disaggregated profit and loss accounts for their UK card operations. The aim is to improve supervisory oversight and monitor scheme profitability following concerns over rising fees and limited competition.
2. Profitability Review Findings
A recent PSR review found evidence that scheme and processing fees have increased significantly without clear cost justification, suggesting that profit margins may be higher than expected in a competitive market. The regulator concluded that Mastercard and Visa do not face effective competition in the UK card payments sector.
3. Reporting Requirements and Timeline
Under the proposals, Mastercard and Visa must provide a UK-specific P&L statement with relevant disaggregation and contextual information by July 3, 2026. Stakeholder submissions are open until that date, with the PSR planning to issue final decisions on information transparency and pricing governance remedies this summer.
4. Implications for Mastercard Investors
The enhanced transparency requirement could reveal detailed insights into UK profit margins and cost structures, potentially reshaping investor perceptions of regulatory risk. If the data confirm excessive fees or poor outcomes for businesses and consumers, further interventions or fee caps could follow.
