On 2 April 2025, the Payment Systems Regulator (PSR) published a consultation paper, CP25/1, on proposed remedies to the issues that it found in the final report of its market review into scheme and processing fees.
Background
Following increases in card scheme and processing fees paid by UK businesses, the PSR has
On 2 April 2025, the All-Party Parliamentary Group (APPG) on Fair Banking published a report on authorised push payment (APP) fraud. The report investigates the scale and impact of APP fraud and considers the efficacy of regulation to address it.
The report
Key recommendations set out in the report include:
On 27 March 2025, the Financial Stability Board (FSB) announced the establishment of the Forum on Cross-border Payments Data.
The Forum will be a platform for dialogue, information exchange, and research, helping to identify and address inconsistencies in global data frameworks. An advisory body comprised of private sector representatives will also be created
On 27 March 2025, the National Audit Office (NAO) published a webpage outlining its study of the Bank of England’s (BoE) Real-Time Gross Settlement (RTGS) renewal program, scheduled for winter 2025/26.
The webpage notes that the RTGS is part of the critical national infrastructure underpinning payment services and transactions
On 11 March 2025, the Payment Systems Regulator (PSR) published a policy statement, PS25/3, on the publication of 2024 authorised push payment (APP) scams data.
Background
The PSR began collecting and publishing data on APP scams in March 2023, as part of its broader efforts to tackle fraud. It published
On 12 March 2025, the Government announced that it intends to abolish the Payment Systems Regulator (PSR), as part of its plan to reduce regulation.
Plans for the PSR
Under the plans, the PSR will mainly be consolidated into the Financial Conduct Authority (FCA), with the aim of making it easier
On 10 March 2025, the European Central Bank (ECB) issued a press release stating that it had positively concluded its exploratory work for offering a Verification of Payee (VoP) service for payment service providers (PSPs) building on the services developed by the Banco de Portugal and Latvijas Banka.
The
On 6 March 2025, the Payment Systems Regulator (PSR) published the final report of its market review into card scheme and processing fees (MR22/1.10).
Background
The PSR explains that it is crucial this market works well, as cards are the most popular way for consumers to pay for goods and services in the