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Payment Systems Regulator Annual Plan and Budget for 2016/17

Published 31 03 2016

We have published our Annual Plan and Budget for the year 2016/17. In the plan we set out our aims and a summary of our anticipated activities and expected costs for the next twelve months.

Last year was one of laying foundations, of helping the industry to become accustomed to having a regulator for payment systems. This year we will build on that foundation.

As well as our programme of on-going work, which includes improving access to payments systems, increased transparency for the users of payment systems and the implementation of EU legislation on payment cards we also outline plans to explore what the future of regulation in the payments industry might look like.

Why are we publishing this plan?

We are publishing this plan so that our stakeholders, those we regulate and those with a professional or personal interest in our work have access to a clear overview of our work programme for the year ahead.

Our aims and activities for 2016/17

Our role is to make payment systems work well for those that use them. For the year 2016/17 we have grouped our work programme into three main categories, reflecting our statutory objectives:

  • promoting competition
  • promoting innovation
  • promoting the interests of those that use or rely on payment systems

Our Annual Plan provides more detail on the specific pieces  of work within each category.

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 2016/17

Operating costs (figures have been rounded) £m
Staff costs 9.58
Professional fees 3.27
Information systems costs 0.41
Accommodation and office services 0.93
Training, recruitment and travel 1.06
Total 15.25

Further information

You can read also our annual plan and budget for last year, 2015/16.