Payment Systems Regulator sets out 2026/27 work programme targeting card fees, APP fraud reimbursement and open banking during consolidation into the Financial Conduct Authority

The Payment Systems Regulator has published its 2026/27 annual plan, setting out its work programme, key activities and costs for the year ahead. The programme prioritises action on high card fees, maintaining protections against Authorised Push Payment (APP) fraud, and supporting innovation and competition across UK payments, alongside work to provide continuity as the PSR is consolidated into the Financial Conduct Authority. Planned work includes next steps on cross-border interchange fees and implementing remedies on domestic scheme and processing fees where competition is weak. On APP fraud, the PSR will continue its work on mandatory reimbursement by publishing and responding to an independent evaluation of the first year of the regime and monitoring how firms meet expected standards. The plan also covers oversight of critical payments infrastructure through the Payments Vision Delivery Committee with the Bank of England, HM Treasury and the Financial Conduct Authority, advancing the next phases of open banking through a long-term regulatory framework and future oversight arrangements, and strengthening supervision and enforcement with closer alignment to the Financial Conduct Authority. During 2026/27, the PSR expects to publish the independent evaluation of mandatory reimbursement and progress its planned remedies on card fees, while taking forward consolidation planning intended to manage impacts and provide clarity for regulated entities.