UK Payment Systems Regulator Unveils Bold New Strategy for 2023
The Payment Systems Regulator (PSR) has made significant strides since its unveiling in 2022, focusing on user protection and fostering competition in the payment sector. As we reflect on these developments three years later, the PSR is proud to announce its initiatives aimed at combating Authorised Push Payment (APP) fraud, enhancing Open Banking, and evaluating card fees.
Key Initiatives by the Payment Systems Regulator
The PSR’s recent review is a product of extensive discussions with stakeholders and aligns with the Government’s growth objectives and the National Payments Vision. The review outlines three fundamental commitments that will guide its efforts moving forward:
- Complete Ongoing Work: Finalize existing projects focused on user protection and the promotion of competition and innovation within the payment sector.
- Collaborate on System Upgrades: Partner with the Bank of England to enhance the Faster Payments system and reform Pay.UK, while also evaluating the long-term needs of retail payment infrastructure.
- Focus on Competition and Innovation: Intensify efforts to foster competition and innovation in payment systems, ultimately supporting economic growth and shaping the future payment ecosystem.
Progress in Consumer Protection
David Geale, Managing Director of the PSR, emphasized the regulator’s achievements, stating: “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.” He highlighted the importance of taking ambitious yet realistic actions to maintain competitive and innovative payment systems that provide tangible benefits for users and bolster economic growth.
Looking Ahead
As the PSR continues its mission, it remains committed to ensuring that the payment landscape evolves to meet the needs of consumers and businesses alike. For more information on the PSR’s strategies and initiatives, you can visit their official website at PSR Official Site or read more about Bank of England initiatives.
Stay tuned for further updates as the PSR implements these vital changes to enhance payment systems and protect consumers in an ever-evolving market.
