The Payment Systems Regulator has published its commitments for the next two years following a mid-term review of its five-year Strategy, setting out an updated delivery programme for the remainder of the Strategy period. The priorities centre on completing key consumer protection and competition work, advancing reforms to UK retail payments infrastructure in coordination with other authorities, and increasing focus on competition and innovation in payment systems. Work underway includes embedding authorised push payment fraud reimbursement requirements, including commissioning an independent review, and delivering outcomes from its card market reviews. The programme also includes working with the Financial Conduct Authority on the overall framework for commercial Open Banking payments, with an initial focus on Variable Recurring Payments, alongside joint work with the Bank of England on upgrading Faster Payments and reforming Pay.UK while assessing longer-term retail infrastructure needs. To strengthen alignment across regulators, the PSR and the FCA have created a new joint role combining Executive Director of Payments and Digital Assets at the FCA with Managing Director of the PSR.
Payment Systems Regulator 2025-01-16
Payment Systems Regulator sets two-year delivery commitments focused on APP fraud reimbursement, Open Banking payments and Faster Payments upgrade
The Payment Systems Regulator's updated two-year programme focuses on consumer protection, competition, and innovation. Key initiatives include embedding authorised push payment fraud reimbursement, advancing UK retail payments infrastructure reforms, and collaborating with the Financial Conduct Authority and the Bank of England on Open Banking and Faster Payments upgrades. A new joint role has been established to enhance regulatory alignment between the PSR and FCA.