On 10 March 2026, there was published correspondence between the Managing Director of the Payment Systems Regulator (PSR), in response to an earlier oral evidence session to the Treasury Select Committee (TSC) providing answers to the following questions:

  1. How much resource (money and full-time equivalent hours) has the PSR spent on its litigation with Visa, Mastercard and Revolut: the PSR confirmed that this information had been provided this information to the TSC in confidence.
  2. Does the PSR believe that it needs additional powers which require legislative change: the PSR explained that it supports maintaining the full scope and substance of its core functions, objectives, and powers but that the PSR and FCA have been working with HM Treasury (HMT) to consider how a new legislative framework can support effective integration of the two regimes, such as simplifying access arrangements and enhancing appeals and enforcement mechanisms for information gathering notices.
  3. Why did the PSR only set up its supervisory function in 2023, almost 10 years after the PSR was established: the PSR explained that it considers that the formation of the Supervision division did not mark the beginning of supervision at the PSR but formalised and reinforced an increasing focus on monitoring compliance with its directions and reflected its commitment to increased, meaningful engagement with firms it regulates.
  4. When does the PSR plan to publish its formal approach to supervision: the PSR set out that in April 2024 it published its proposed Approach to Supervision and opened a call for views to gather stakeholder feedback and that it later followed this with a high-level outline of our supervisory approach and framework available on its website but that it is now considering how best to refine and communicate its supervisory approach in light of the planned consolidation of the PSR into the FCA. The PSR further explained that, related to this, it is assessing whether further publications would be useful. In particular, that it recognises that the terms of the PSR consolidation into the FCA are still being considered by Government and HMT and so it will conclude its approach once this is finalised.
  5. Do the PSR and/or the FCA hold data on the time taken for technology firms to respond to requests to remove scams on social media: the PSR set out that the FCA does not routinely track the time taken for technology firms to respond to removal requests but does hold data related to a subset of removal requests submitted through a third-party firm the FCA uses to assist with its take down requests, although it highlights that it considers that the speed of responding to a takedown request is only one component of protecting UK consumers from scams.