Payment Systems Regulator Annual Plan and Budget for 2018/19
We have published our Annual Plan and Budget for the year 2018/19. In the plan we set out our aims and a summary of our anticipated activities and expected costs for the next twelve months.
The document outlines the work we’ve undertaken to shake up the market and drive landmark changes across a number of areas. We also identify how we will maintain momentum for the year ahead.
We have produced a factsheet that summarises this document which you may find useful.
Aims and activities for 2018/19
In 2018/19 we remain focused on the successful delivery of pieces of work that we have already started, such as:
- The infrastructure remedies – opening up the industry to new technology providers through procurement, providing more choice for everyone that uses payment systems
- Standing behind the New Payment System Operator (NPSO) as it implements the New Payment Architecture (NPA) and transforms the structure of the UK’s interbank systems
- Overseeing collaborative thinking through the new steering group set up to establish the detailed design of a reimbursement model for victims of Authorised push payment (APP) scams.
We will continue to look at the trio of exploratory work we started last year in: data, competitive dynamics and consumer protection, as well as ensuring we are on the front foot of industry changes – such as the provision of free-to-use (FTU) ATMs. We will protect widespread free access to cash and intervene if we feel the current spread of FTU ATMs is under threat.
Having already opened our first Competition Act 1998 case, we expect to intervene more as our work develops from implementation to oversight.
While we intend to deliver what we have set out in this plan, there is always a chance that we may need to reprioritise in the light of unexpected developments. If this happens, we will keep our stakeholders informed and act in the way that helps us best achieve our objectives.
Our budget for 2018/19
|Operating costs (figures have been rounded)||£m|
|Information system costs||0.6|
|Accomodation and office services||1.2|
|Training, recruitment and travel||0.6|