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
On 27 January 2025, the Payment Systems Regulator (PSR) and the Bank of England (BoE) published letters to each other regarding the operation of CHAPS.
The regulators note that they agreed a set of principles (set out in an exchange of letters at the time) to ensure effective working with regard
On 23 January 2025, the Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR) set out the next steps for open banking.
The regulators note that there was significant progress in developing open banking in 2024 as a result of voluntary funding from 20 leading firms. Those developments included:
On 14 November 2024, HM Treasury issued a policy paper, National Payments Vision.
The National Payments Vision (Vision) outlines the Government’s ambitions for bolstering the UK’s payments sector to deliver economic growth. It also addresses the findings from the independent Future of Payments Review 2023, led by Joe Garner, and extensive stakeholder
On 8 November 2024, the Payment Systems Regulator (PSR) published a Dear CEO letter to tech firms, dated 6 November 2024, regarding its plans to publish data on firms that enable fraud.
The PSR explains in the letter that preventing authorised push payment (APP) fraud is a top priority, due
On 3 October 2024, HM Treasury (HMT) published a final draft of the Payment Services (Amendment) Regulations 2024, which are intended to allow payment service providers (PSPs) to slow down the processing of outbound payments when there are reasonable grounds to suspect fraud or dishonesty.
The draft Regulations are intended