UK’s Payment Systems Regulator unveils annual plan and budget
The UK’s Payment Systems Regulator (PSR) has published its key aims, activities and budget for the next year.
PSR publishes key aims, activities and budget for 2023/24
“We’re now into the second year of our five-year strategy and covering larger and more complex pieces of work than ever before,” comments Chris Hemsley, managing director at the PSR.
“We’re driving forward a package of measures to tackle authorised push payment (APP) scams, significantly stepping up the level of protection, transparency and support people will get.”
Open banking is also high on the agenda. With over seven million active open banking users in the UK, the PSR says it strives to ensure the full potential of open banking is realised, particularly through its work as co-chair of the Joint Regulatory Oversight Committee (JROC).
It is also involved in shaping the delivery of the UK’s New Payments Architecture (NPA) by Pay.UK (the operator and standards body for the UK’s retail interbank payment systems).
The PSR says it will evolve its approach so it can be quick to respond to, and influence, emerging trends in payments.
It will also broaden its engagement with stakeholders and build a new team to increase its focus on reducing firms’ non-compliance with the rules it enforces.
You can read and download the full annual plan and budget on the PSR website here.
