On 30 April 2024, the Payment Systems Regulator (PSR) published its framework for reviewing generally applicable requirements, to meet its new obligations under the Financial Services and Markets Act 2023 (FSMA 2023).

FSMA 2023 added new requirements to the Financial Services (Banking Reform) Act 2013 (FSBRA), including (under section 104B) to keep under review generally any generally applicable requirements, and (under section 104C) to publish a statement of policy with respect to its review of requirements under section 104B.

To comply with these requirements under FSMA 2023, the PSR developed a review framework on how it keeps under review generally any generally applicable requirements to. It consulted on this in November 2023 (in CP23/11) and published its response in April 2024.

The framework document is relevant to the payments industry, particularly those firms subject to the regulations and obligations that the PSR enforces.