The PSR has released its updated strategic commitments for the next two years, showcasing a robust plan aimed at bolstering the UK’s payment systems.
The regulator’s refresh follows a mid-term review of its ongoing five-year strategy, initially launched in 2022. Significant strides have been made since the strategy’s inception, including the introduction of world-leading protections against Authorised Push Payment (APP) fraud, the advancement of Open Banking, and a thorough review of card fees. These efforts underline the PSR’s role in fostering a competitive and innovative payments sector that delivers secure, accessible, and cost-effective services.
David Geale, the PSR’s Managing Director, emphasized the progress achieved, particularly in consumer protection through cutting-edge APP fraud prevention measures. He highlighted the necessity for ongoing ambitious actions to ensure the payments systems continue to foster competition and innovation, thus supporting broader economic growth. Geale stressed the importance of collaboration with other regulators and stakeholders within the payments ecosystem to achieve these objectives.
For the remainder of the strategy period, the PSR will concentrate on fully implementing its APP fraud reimbursement requirements, including commissioning an independent review, and delivering the outcomes from its card market reviews. In partnership with the Financial Conduct Authority (FCA), the PSR aims to enhance the framework for commercial Open Banking payments, with an initial focus on Variable Recurring Payments which provide consumers with greater control over payments.
Additionally, the PSR will collaborate with the Bank of England to advance the upgrade of the Faster Payments system and the reform of Pay.UK, assessing long-term retail infrastructure needs crucial for future innovation and competition in payments. The regulator also plans to intensify its focus on removing barriers to innovation in payment systems, supporting economic growth and aligning with the Government’s growth mission.
David Geale, the PSR’s Managing Director, said, “We’ve made great progress – especially in protecting consumers through our world-leading approach to APP fraud. But we know there’s more to do. By taking ambitious but realistic action, we can ensure payment systems remain competitive and innovative, delivering real benefits for users and supporting economic growth.
“Collaboration with others has been key to our success so far, and it will remain central to how we achieve our priorities. We look forward to working with other regulators and stakeholders across the payments ecosystem to deliver this updated Strategy.”
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