The Payment Systems Regulator (PSR) has published its Annual Plan for 2022/23.
In publishing the annual plan the PSR have stated that, on the whole, the regulated payment systems work well. However, the PSR believe that the payments landscape is evolving and with this, there are issues that need to be addressed.
The areas that the PSR have identified as needing to be addressed include the prevalence of Authorised Push Payment (APP) fraud, risks to effective competition, and the need to support the payments sector to deliver new and improved services.
Not surprisingly the PSR also expect further challenges as global events impact the cost of living, which may affect what people need from payments to support their daily lives.
The PSR’s 2022/23 work programme focuses on improving outcomes for everyone who uses payment systems so they are fit for the future and their programme is guided by the four key priorities established in the PSR’s Strategy, that was launched earlier this year.