We have published our key aims, activities and expected costs for the year 2021/22.  

Woman using contactless payment for a meal.

[Click on the image to view the digital version]

We regulate 40 billion payments worth more than £92 trillion each year. Our role is to provide the focus and expertise necessary to make sure that the systems – and markets they support – work for people, businesses and the economy.

In 2021/22, we will focus on work that will improve outcomes by encouraging competition and innovation where it is needed most and putting the interests of everyone who uses payment systems first. By doing this, we want to see people and businesses benefit from more choice and exciting new ways to pay.

The pandemic has changed the way many people live their lives and how businesses operate. Increased reliance on the internet and digital communication is shaping the way we socialise and the way we pay for things.

Against this backdrop, we will focus on issues that affect people and businesses now while pushing ahead with important work required to improve outcomes in the future. In 2021/22, we will continue to build on work in areas like scam prevention and access to cash to make sure that no one is left behind and people can access the payment methods they want and need.

Everyone with an interest in payments and payment systems can read this document to gain a clear idea of what we are doing and why. We have also produced this factsheet which summarises our plan.

Managing Director, Chris Hemsley, introduces our Annual Plan for 2021/22.


Aims and activities 2021/22

This year, we aim to deliver our objectives through the programme of work described in this document. In 2021/22, our work will include:

  • Undertaking research, analysis and engagement to explore the extent to which digital payments innovations are materialising and the impact they could have. We'll also seek to better understand the scale of any barriers to interbank systems being used for retail payments, and how to address them. 
  • Evaluating responses to our call for views on consumer protection and assessing the actions we should take to support the development of effective protection measures – including regulatory steps.
  • Working closely with government, industry and consumer groups to identify ways to prevent APP scams and improve protection for victims.
  • Overseeing the procurement of central infrastructure services in the New Payments Architecture (NPA) and exploring ways to lower risks to the NPA's delivery.
  • Working with stakeholders to ensure there is a long-term framework in place that provides access to cash.

Effective engagement and prioritisation are central to our plans for keeping pace with the demands of an ever-evolving landscape and realising our objectives. But we will also step in and use a range of formal powers to effect change and secure compliance where necessary.  

In the summer, we will publish our annual report on how we performed against our plans for 2020/21. 

Our budget

Staff costs 



Professional fees 






Information services 



FCA Recharges  



Training, events and recruitment 



Other (subscriptions, memberships, COVID-19) 







Update: 01/04/2021

We have corrected page 12b of the IFR section of this year's annual plan, which contained an error.

We have removed: 

  • Publish our findings and details of how we’ve overseen the provisions of the IFR.

The text has been updated to:

  • Consult on amendments to our IFR Guidance that are consequential to the UK’s withdrawal from the EU.

Supplementary Files

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