PSR publishes Annual Plan 2019/20
- PSR continues to evolve with a broader scope
- PSR to look at how it can help consumers even more than before, including to reflect their payment needs
- Confirms several key pieces of work to deliver against its objectives and deliver good outcomes
The Payment Systems Regulator (PSR) has today published its Annual Plan and Budget for 2019/20.
In 2018/19 the PSR continued to show its dynamic and ambitious approach – breaking new ground and driving change, and making a positive and timely difference. In 2019/20 that approach will continue.
Financial services, payments, the way people live – they’re constantly changing and evolving. The PSR will also continue to evolve as an organisation to make sure it can keep making decisions that stand the test of time.
In 2019/20 the PSR’s work will focus more directly on consumers’ experience of payments, having spent its first few years focussed on making sure there is greater access to payment systems and improving the way infrastructure works. The regulator has already made significant improvements for many consumers – but an agile approach and willingness to adapt will help make sure the PSR continues to help the people and businesses that rely on payments.
This year, the PSR will continue to deliver its objectives through a programme of key work that includes:
Protecting people from Authorised Push Payment scams and the implementation of Confirmation of Payee
Access to cash through ATMs and longer term sustainable access to payment methods
Market review into card-acquiring services to make sure the supply of these services is working well for merchants, and ultimately consumers
Overseeing the delivery of the New Payments Architecture to produce good outcomes for payment systems users
Continuing to make sure access to payment systems is fair and transparent, enabling participants to provide new and innovative products and services
On-going to work with HM Treasury, the Bank of England and Financial Conduct Authority to prepare for EU Withdrawal
Louise Buckley, Co-Managing Director of the PSR, said:
“In the four years since we started work we’ve been bold and taken the lead, using our powers to bring change where it is needed. In that time, we’ve delivered significant improvements that have reshaped the way payments work.
“We’ve shown that we are a regulator that breaks new ground – sometimes doing things differently. We also haven’t been afraid to take difficult decisions to get the right result - such as on tackling payment scams.
“Our approach is not going to change and as an organisation, we’re continuing to evolve. That means we can keep making good decisions that work now and in the future.”
Chris Hemsley, Co-Managing Director of the PSR, said:
“Looking ahead, we’re going to increase our focus on protecting people – that means completing the work on APP scams and setting out our role on access to cash.
“We are building on our work to promote competition to benefit consumers and businesses – such as in our card-acquiring services market review.
“As payment systems are developed and improved, we will continue to ensure they support innovative and new ways for people to pay for things.”
The PSR is covering more ground than before, and continues to carry out important compliance and enforcement work. This year will also see the regulator update its powers and procedures guidance.