On 7 May 2024, the Payment Systems Regulator (PSR) published a thought piece on ensuring its strategy is fit for the future. In the article, Dan Moore, the PSR’s Head of Strategy, Analysis and Engagement, discusses the mid-point review of the PSR’s five-year strategy.

The PSR’s 2022 strategy set out the PSR’s strategic outcomes and priorities for the next five years. In accordance with the strategy, the PSR is focussed on:

  • Ensuring users have continued access to the payment services they rely on and support a choice of payment options.
  • Ensuring users are sufficiently protected when using the UK’s payment systems.
  • Promoting competition between UK payment systems and the markets supported by them, protecting users where that competition is not sufficient.
  • Acting to ensure the interbank systems provide the infrastructure, rules and incentives that foster innovation and competition in payments.

The article states that in delivering against these priorities, the PSR is continuing its work to fulfil the outcomes below:

  • All users have access to payment services that meet their needs in terms of functions, quality, cost and other relevant factors.
  • Users’ interests are adequately protected when using payment systems so that they can use systems and services with confidence.
  • Payment systems are designed to enable effective competition in the provision of payment services.
  • Payment systems are efficient and commercially sustainable.

Mr Moore highlights that, as the PSR approaches the mid-point of its five year strategy, it is launching its ‘mid-strategy review’ to help assess its progress and determine whether its strategic outcomes and priorities remain the correct ones, or whether it needs to adapt or refine them. The review will reflect on the progress made to date, including the challenges and opportunities that will shape the PSR’s work going forward.

As part of the review, the PSR wants to hear from its stakeholders and is inviting them to contribute their views on its strategy. This includes discussing the review in roundtables and as part of its ongoing engagement with stakeholders, as well as a stakeholder survey which was also launched on 7 May 2024.

The survey will be live until 4 June 2024.