Hannah Nixon's keynote speech - Annual Plan 2018/19 launch event

21/03/2018

Hannah Nixon’s speech at the launch of the PSR's Annual Plan 2018/19 event at the Glaziers Hall, London Bridge, on 21 March 2018.

This is the text of the speech as drafted and may differ from the delivered version.


Good afternoon to you all and thank you for joining me to launch our Annual Plan for 2018/19, for what I hope will be an interesting and interactive event.

In the last three years, we have delivered landmark changes and are making good progress across a number of critical issues in the payments industry.

Today, I want to reflect on the last year and give you an overview of the role we played in shaking up the market to create a more enabling environment for competition and innovation. And I’ll also look forward at what we have planned.

Later this afternoon, you’ll have the opportunity to share your views on the work we’ve done so far and to feed into the strategic issues we’ll be focusing on over the coming 12 to 18 months.

We are determined to be the type of a regulator that listens, reflects and takes proportionate action.

Since last year’s event, we’ve engaged with you in various ways through bilateral meetings, roundtable discussions, consultations, panel events and our roadshows in Leeds, Edinburgh, Cardiff and Belfast.

We’ve listened to your views and have taken them into consideration when drawing up our programme of focus for 2018/19.

We couldn’t do our job well without your feedback and I look forward to what I’m sure will be lively discussions today.

But that’s not where our engagement ends.

Our door is always open and we will, of course, continue to engage with you through consultations, roundtables and our regional visits. 

Our role

Our role is fundamentally about shaking up the industry to drive competition and innovation in a way that benefits all users of payment systems, and ultimately end consumers.

I’m pleased to say that I think we’ve been pretty successful at shaking things up.

We’re seeing new players enter the market and lots of interesting innovation.

Indeed, it’s often said that there will be more change in payments in the next five years than there has been in the last 50!

While that brings many benefits in terms of choice, reliability, cost, control and speed, it also has downsides such as new ways to defraud people or the difficulties associated with shifting market dynamics.

As a result of these new issues, we’ve increasingly focused on consumer protection - in the first instance primarily looking at the issue of mitigating authorised push payment (APP) scams and maintaining the current geographic spread of the free-to-use ATM network.

So, what will we be focussing our attention on in the coming year?

Consumer protection

Consumer protection is really going to take centre stage this year.

We know that the work we’ve been doing, new technology and changing consumer expectations mean that we’re seeing lots of new payments products and companies in the market.