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Payment Systems Regulator Annual Plan and Budget for 2017/18

Published 29 03 2017

We have published our Annual Plan and Budget for the year 2017/18. 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 we started to see progress in competition and innovation in payment systems that would benefit all who use and rely on them.

In this annual plan we reflect on that success and set out our plans for building on it.

We have produced a factsheet that summarises this document which you may find useful.

In 2017/18 we remain focused on promoting competition and innovation in the UK payments sector. As part our broad spectrum of work, this year we will do some exploratory work to better understand the following areas:

  • Working in consumers’ interests
  • The increasing use of payments data
  • the changing competitive structure of the market

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 2017/18

During 2017/18 we will do further work on four substantial existing projects:

  • the Payments Strategy Forum (the Forum)
  • our market review on infrastructure provision
  • our access and governance work
  • work following our response to the Which? super-complaint on authorised push payment scams

We will also continue our important work to implement and monitor compliance with the EU Interchange Fee Regulation (IFR), the first and second EU Directives on Payment Services (PSD1 and 2), and the Payment Accounts Regulations (PARs).

Our work programme for the year ahead will also take into account our statutory objectives:

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

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 2017/18

Operating costs (figures have been rounded) £m
Staff costs 7.9
Professional fees 2.5
Information systems costs 0.4
Accommodation and office services 0.8
Training, recruitment and travel 0.4
Total 12.0