The Payment Systems Regulator Limited Annual Report and Accounts 2019/20
This is our Annual Report and Accounts for 2019/20. It covers our activity from the past year, the fifth since our inception.
What have we achieved over the last year?
Over the last year, we have advanced our work preventing Authorised Push Payment scams, protecting access to cash and promoting innovation and competition in the interests of everyone who uses payment systems.
By maintaining our long-term focus while remaining agile enough to adapt to an ever-evolving payments sector, we have driven and supported important steps forward in the development of the UK payments markets. They include:
- Ensuring the effective implementation of Confirmation of Payee, an invaluable service designed prevent misdirected payments, including authorised push payment fraud.
- Supporting the UK’s cash infrastructure through our work with operator LINK and other regulators and authorities, most notably the newly launched Joint Authorities Cash Strategy (JACS) group. This brings together the PSR, FCA, Bank of England and the Treasury to consider and coordinate work to address cash system issues and ensure that everyone can access cash when they need it.
- Monitoring Pay.UK’s development of the New Payments Architecture (NPA) to ensure the it supports competition and innovation while producing good outcomes for payment system users.
Other significant work from the last year included the:
- Continuation our market review of the supply of card-acquiring services, to find out if this essential area of card payments is working well for merchants and, ultimately, consumers.
- Conclusion of our first in-depth look at data in payments, an area of increasing importance as new ways of using data become more and more widespread.
- Publication of our revised and updated ‘day one’ directions, which came into effect in April and May. The Directions are relevant to our statutory objectives under FSBRA, of promoting competition, innovation and the interests of service-users.
What this document contains
As well as a summary of the work we completed in 2019/20, as set out above, the Annual Report also includes:
- Directors’ report
- Corporate governance statement
- Directors’ remuneration report
- Financial statements