The UK Payment Systems Regulator (PSR) will be abolished as the latest step in reducing the burdens on business.
The PSR – which looks after payment systems like Faster Payments and Mastercard – will mainly be consolidated into the Financial Conduct Authority, making it easier for firms to deal with one port of call.
It follows complaints from businesses that the regulatory environment was too complex – with payment system firms having to engage with three different regulators, costing them time, money and resource.
This has a greater impact on smaller businesses that are trying to scale and grow – as the costs are disproportionately higher for them.
The Payment Systems Regulator will continue to have access to its statutory powers until legislation is passed by Parliament to enact these changes.
In the interim period, the Payment Systems Regulator and the Financial Conduct Authority will work closely…
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