The Payment Systems Regulator has announced the development of its future strategy. The PSR wants to hear from you now, before it formally consults, around the end of this year, to define clear outcomes for the payments sector – to set out priorities for the regulator, and what stakeholders can expect from the regulator in the future. Set up in […]
The Payment Systems Regulator has announced the development of its future strategy.
The PSR wants to hear from you now, before it formally consults, around the end of this year, to define clear outcomes for the payments sector – to set out priorities for the regulator, and what stakeholders can expect from the regulator in the future.
Set up in 2015, the PSR is the first dedicated economic regulator of payment systems in the world. Its work programme and approach to date have been guided by a clear mandate that the government provided when the PSR was first set up – and many of these objectives have now been delivered. But as the sector, technology, the external environment and consumer demands continue to evolve, many new issues are arising which could impact payment systems and their users for decades to come. The Covid-19 pandemic has also had a significant impact on the speed and type of change.
“Developing our strategy is about making sure we are clear on where to focus our resources for optimum impact; prioritising our work well so we can continue to make payment systems accessible, reliable, secure and value for money in the most efficient way possible – it’s also paramount that staff and stakeholders have a clear line of sight to where we’re going.
“To do this well, it’s really important that we hear from a broad range of interested people and organisations as part of formulating our strategy. We’re hoping many of you will get involved in the conversation – giving us feedback online, through blogs, stakeholder conversations and events and virtual ‘visits’ so we can make sure we identify all the opportunities and priorities, and get it right for the future.”Louise Buckley, Chief Operating Officer and Head of Strategy
The PSR want to hear your thoughts on what is most important for the future of payments. Stating that it’s very important that the regulator builds its strategy having listened to a broad range of views.
The PSR plan to consult on a full draft strategy before the end of the year. Recognising the pressures facing firms right now and the PSR acknowledge that consulting with their stakeholders in-person won’t be possible for the foreseeable future.
Changing circumstances call for creative thinking, so the PSR are embracing new ways of making sure voices continue to be heard. This is designed to provide an easy way to shape thinking on the strategy before they consult more formally.
Based on initial conversations within the PSR, the PSR Panel and with some stakeholders, the regulator has decided to break down their engagement into three key themes that are coming through as particularly relevant to current issues in payments, and those that will drive future change.
For more information visit the PSR’s website – link: PSR Future Strategy.