The Payment Systems Regulator (PSR) has published its 2024/25 annual report and accounts, reviewing delivery at the midpoint of its five-year strategy and its alignment with the National Payments Vision pillars of innovation, competition and security. The report also reflects the announcement that the PSR will be consolidated primarily into the Financial Conduct Authority (FCA), with the PSR framing its current commitments as complementary to the FCA’s 2025–30 strategy. Key delivery highlighted over the year includes implementation of the authorised push payment (APP) scams reimbursement requirement from 7 October 2024, with 99% of victims reimbursed, and embedding the requirements into Faster Payments and CHAPS. Work on fraud transparency included publication of fraud statistics, while the rollout of Confirmation of Payee requirements across Faster Payments expanded to cover more than 99% of transactions. On competition and innovation, the PSR published feedback with the FCA on digital wallets, issued final card fee reports covering cross-border interchange fees and scheme and processing fees, and developed potential remedies to address competition concerns. Governance of open banking oversight also evolved, with the Joint Regulatory Oversight Committee transitioning to a new joint steering group and Open Banking Limited tasked with overseeing Phase 1 of the expansion of variable recurring payments. The PSR points readers to its 2025/26 Annual Plan for the work programme for the year ahead and notes ongoing work with the Payments Vision Delivery Committee and wider stakeholders during the transition.

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