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:

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
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