Payment Systems Regulator Annual Report and Accounts 2016/17
This is our third annual report. It covers our activity in 2016/17, our second operational year, and reports on how we have met the aims and priorities we set out in our 2016/17 annual plan and policy work programme.
In 2016/17 we said we would build on the foundations that had been laid in our first operational year whilst exploring what the future of regulation in payments looks like.
We also said that we would group our work programme into three main categories to reflect our statutory objectives:
- promoting competition
- promoting innovation
- promoting the interests of those that use or rely on payment systems
What have we achieved over the last year?
We're making a real difference.
We created an environment which is improving access to payment systems; we’ve intervened, where necessary, to facilitate a more competitive market; and we’ve worked collaboratively with industry to drive innovation.
Some of the significant milestones we reached include:
- Publishing final reports on two market reviews on the supply of indirect access, and the ownership and competitiveness in the provision of payment system infrastructure
- The publication of the Payments Strategy Forum’s (the Forum) final strategy which included a proposal to consolidate the governance of three payment system operators
- The setting up of a delivery group to consider key issues relating to the potential consolidation of these operators
- Producing a package of measures aimed at reducing authorised push payment fraud
- Publishing final guidance setting out how we will monitor and enforce compliance with the EU Interchange Fee Regulation (IFR) for card payments, and the Payment Account Regulations (PARs)
- Publishing our proposed approach to monitoring and enforcing the parts of the Payment Services Regulations 2017 (PSD2) that we are responsible for and for which we are jointly responsible for with the FCA
We have produced a factsheet that summarises our work over the last 12 months which you may find useful.
What this document contains
As well as a summary of the work we completed in 2016/17, as set out above, the Annual Report also includes:
- Results from our stakeholder perceptions survey
- A summary of our business model and operating costs
- An overview of the risks we face as an organisation
- Director's report
- A corporate governance statement
- A director's remuneration report
- Financial statements