The United Kingdom's Payment Systems Regulator (PSR) published a statement responding to a government announcement on simplifying and clarifying payments regulation, and said it will work with the government, the Financial Conduct Authority (FCA) and the Bank of England as decisions are taken on transferring regulatory responsibilities. The PSR noted that the payments sector has changed significantly in recent years and highlighted its role in supporting open banking and innovation, widening access to payment systems, promoting competition, and introducing protections for victims of fraud. It expects legislation will take time, but argued that benefits from a more streamlined approach can be realised in the meantime, pointing to steps already taken to align more closely with the FCA, including combining the PSR managing director role with the FCA executive director of payments and digital finance role; it also said it will continue work to keep payment systems competitive, innovative and safe during the transition.
Payment Systems Regulator 2025-03-12
United Kingdom's Payment Systems Regulator welcomes government move to streamline payments regulation and supports transfer of responsibilities
The UK's Payment Systems Regulator (PSR) responded to a government announcement on simplifying payments regulation, stating it will collaborate with the government, Financial Conduct Authority (FCA), and Bank of England on regulatory transitions. The PSR emphasized its role in supporting open banking, innovation, and fraud protection, noting ongoing efforts to align with the FCA and maintain competitive, innovative, and safe payment systems during the legislative transition.