PSR Annual Plan puts focus on improving confidence and choice for payment systems users

29/03/2022

Annual plan

  • PSR sets out plans for 2022/23 to go further in making sure payment systems are fit for the future – offering access, protection and choice for everyone that uses them.

  • Regulator aims to increase competition between different payment systems, including by unlocking the potential of account-to-account payments.

  • Work in 2022/23 will build on last year’s achievements and see the PSR take further steps to protect people from APP fraud.

Today, the Payment Systems Regulator (PSR) has published its Annual Plan for 2022/23.

Emerging from the COVID-19 pandemic, it’s clear how essential to everyday life payment systems are, and that they must be resilient and convenient to allow people to rapidly change how they pay. On the whole, these systems work well. However, the payments landscape is evolving and with this, there are issues that need to be addressed. These 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. Further challenges can also be expected, as global events impact the cost of living, which may affect what people need from payments to support their daily lives.

The PSR’s ambitious work programme for 2022/23 focuses on improving outcomes for everyone who uses payment systems so they are fit for the future.

Chris Hemsley, Managing Director at the PSR, said: 

“Over the past year we’ve taken bold action to bring change in payments – and our work has made improvements for people and businesses across the UK. We’ll continue to act swiftly and decisively to make sure that consumers and businesses are protected, and to promote innovation and competition where it counts.

“We have some big tasks ahead of us, including taking further steps to protect people against APP fraud and encouraging greater competition in the cards market.”

As the table below sets out, the PSR’s Annual Plan is guided by the four key priorities established in the regulator’s Strategy, which launched earlier this year.

Strategic priority

What we’ll do in 2022/23