This week’s “Payments, Payments, Payments” newsletter’s Longer Read explored the purpose, role and activities of the payments regulator – The Payment Systems Regulator
The call for a regulator to oversee the payment systems industry began with a series of reviews, starting with the Cruikshank Report in 2000. This was followed by a number of subsequent government-led reviews, reports and consultations.
Following HM Treasury’s consultation Opening Up UK Payments in March 2013 the PSR was officially created under the Financial Services (Banking Reform) Act 2013.
In April 2014 the PSR started work, engaging with the payments systems industry. The PSR became fully operational a year later on 1 April 2015.
The purpose of the PSR in their own words:
Every time anyone uses a cash machine, transfers money, uses contactless, or gets paid, they use a payment system. Payment systems are always evolving and the PSR is here to make sure they work well for everyone.
In a fast-moving environment, we challenge the industry to adapt by supporting innovation and improving competition, so that the UK benefits from world-leading payment systems.
We encourage collaboration to help solve problems and, when we need to, we take difficult decisions and use our powers. We change our approach to get the best outcome for everyone
Longer Read: The Payment Systems Regulator
Grab a coffee and read: Briefing: The Payments System Regulator.