On 14 November 2025, the Chancellor of the Exchequer sent a letter to the Chief Executive of the Financial Conduct Authority (FCA) and Managing Director of the Payment Systems Regulator (PSR) providing recommendations on payments regulation. On 16 December 2025, there was published the joint response from the FCA and the PSR. Among other things the joint response discusses how the FCA and the PSR have been working together and how they have been supporting the development of open banking.