On 16 December 2025, HM Treasury published the Final Report of the Independent Review of the Payment and Electronic Money Institution Insolvency Regulations 2021. The Final Report considers the efficacy of the Payment and Electronic Money Special Administration Regime (PESAR), with particular focus on whether the PESAR achieves its core statutory objectives. It also makes certain recommendations to improve its efficacy. The recommendations include those covering PESAR’s objectives and the return of customer funds.