This is our first Annual Report. It sets out the work we undertook in 2014 and 2015 to ensure we were ready to regulate come 1 April 2015, our first day of operation. 

Read the full annual report.

In 2014/15 we focussed on creating an effective regulator with the right policies, processes and people to deliver our three objectives: promoting competition, promoting innovation, and promoting the interests of the people and businesses that use payment systems.

Some of the significant milestones we reached include:

  • Following much consultation and research, the publication of our March 2015 policy statement that confirmed our approach to regulating UK payment systems.
  • A Work Programme setting out the key pieces of work the PSR would focus on in its first year.
  • Our objectives being set in statute.
  • The creation of a PSR Panel (and terms of reference) that offers advice on our approach.
  • Engaging with our stakeholders via more than 350 engagement events, roundtables, questionnaires, phone calls and face to face meetings.
  • The launch of two in depth market reviews assessing the supply of indirect access, and the supply of and competition in provision of payment systems infrastructure.
  • Going live on 1 April 2015, on schedule.

What this document contains

The Annual Report contains a summary of the work we completed in 2014/15 as well as looking ahead to 2015/16. 

It also includes:

•    a summary of our business model and operating costs
•    an overview of risks we face as an organisation
•    a corporate governance statement
•    a directors’ remuneration report
•    financial statements

Further information

In March we published our Annual Plan and Budget for 2015/16 setting out our key aims and activities for the year and our budget. 

Also in March we published a Policy Work Programme that set out the actual policy work we would focus on in our first year of operation.

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