On 1 May 2025, the Payment Systems Regulator (PSR) published its Annual Plan and Budget for 2025-26, setting out an overview of its commitments and priorities over the next financial year as it moves towards consolidation with the Financial Conduct Authority.
The PSR flags that the Government has confirmed that the PSR retains its full remit and full suite of powers pending consultation. In the meantime, it plans to continue to deliver in line with its statutory objectives to promote competition and innovation, and in line with the interests of current and future users of payment systems.
The annual plan confirms that the PSR will continue to:
- Complete the work it has started to protect users and promote competition and innovation.
- Work with the Bank of England to drive forward work to upgrade Faster Payments, and reform of Pay.UK, as well as assessing other long-term retail infrastructure needs.
- Sharpen its focus on competition and innovation in payment systems.