Background
Financial Services and Markets Act 2023 (FSMA 2023) received Royal Assent on 29 June 2023. This Act advances payments regulation and better reflects the future of payments, helping ensure that we have the tools we need to effectively regulate a complex, ever-changing sector.
PSR Managing Director, Chris Hemsley outlined the changes to how the PSR works as a result of the Act in a blog: Making law a reality – the Financial Services and Markets Act 2023.
Delivering these reforms is a key objective of the PSR and other financial services regulators. We’ve been developing our approach so that we can comply with the new requirements and bring forward the best outcomes as quickly as possible. This includes building on our existing stakeholder engagement, and ensuring we align with the accountability requirement within the Act.
PSR publications stemming from FSMA 2023
This section will link to publications associated with our obligations in FSMA 2023. Timings relating to when such publications and related consultations will take place will be updated on this page.
These include:
- Consultation on the way we review generally applicable requirements (published 9 November 2023).
- Statement of Policy on PSR Panel appointments.
- Consultation on the Statement of Policy on Cost Benefit Analysis (CBA) expected Q3 2024. This will build on our existing draft CBA framework.
- Review of changes to General Direction 1 and General Direction 2 and revocation of General Direction 3 as a result of the revocation of regulations under the Payment Service Regulations 2017 (expected 2024, subject to revocation by the Treasury).
- Requirements on the PSR to act in relation to APP Scams.