Following its first 12 months in operation, the Payment Systems Regulator (PSR) has today published its Annual Plan which outlines the regulator’s key work and objectives for the year ahead.
The plan, which is the first since the PSR became operational in April last year, lays out the regulator’s programme of work for 2016/17, its annual budget and how the PSR intends to work with other regulators over the coming year to help it meet its objectives.
The work programme includes, publishing final reports for its two market reviews, one looking at indirect access to payment systems, the other at the underlying infrastructure. The PSR will also continue to support the Payments Strategy Forum, guiding and challenging where necessary, and responding to the Forum’s inaugural strategy once published in the autumn.
In addition, the plan defines the future role of the regulator in implementing a number of EU laws and initiatives within the UK market. This includes the Interchange Fee Regulation, the Payment Accounts Regulations, and working alongside the Financial Conduct Authority (FCA) on the implementation of the second Payments Services Directive.
Finally, the PSR also plans to explore what the future of regulation in the payments industry might look like and how the PSR can better make a difference to end users by supporting access, innovation and lower barriers to entry across the industry.
Hannah Nixon, Managing Director of the PSR, said:
“If last year was about laying foundations, this year we will build on those foundations. We are on a journey that will create a positive difference to those who use payment systems, from big banks to small retailers and their customers.
“By challenging organisations to think and act differently, we have helped focus industry minds on the needs of the end user and the importance of increased transparency. This approach, which has led to increased innovation and competition, will continue.
“More competition in payment systems opens the door to a more competitive banking industry. This leads to more choice for us all as consumers, which in turn, can contribute to improving widespread productivity and economic growth.
“We have adopted a forward-looking approach that helps us inform the development of our future work so that we can better support the industry as it innovates and evolves.”