The Financial Conduct Authority has published a speech by executive director David Geale setting out a joined-up payments agenda centred on the planned consolidation of the Payment Systems Regulator into the FCA, a more outcomes-based approach to simplifying rules without weakening consumer protection, and a near-term pipeline of payments, Open Finance and crypto measures. The speech presents the Payment Systems Regulator's work on competition, access and innovation as remaining a core part of the FCA's mission as the two bodies are brought together. A phased transition is already under way, with many Payment Systems Regulator staff moved into the FCA and a single joint payments horizon-scanning team aligning priorities, while the Payment Systems Regulator remains in place with its own governance until legislation transfers its powers. On payments policy, from March 2026 firms can set their own contactless limits instead of applying the existing GBP 100 cap, but only where fraud controls are strong, and firms must still reimburse consumers for unauthorised card fraud. Open Banking governance has also been streamlined by combining FCA and Payment Systems Regulator teams under single leadership, with a framework now in place and the first commercial variable recurring payments under way. Next steps flagged in the speech include the Government's consultation outcome and a roadmap to completed consolidation being expected soon, publication of the FCA's Open Finance roadmap in March 2026, and final crypto rules in summer 2026 before the gateway opens in September. Geale also pointed to ongoing stablecoin testing through the Regulatory Sandbox and joint work with the Bank of England on the regulation of systemic stablecoins.

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