Payment Systems Regulator publishes Annual Report and Accounts for 2021/22
We have published our Annual Report and Accounts for 2021/22, which sets out our achievements over the past year.
In 2021/22 we continued to lead UK payments, so they work well for everyone. As the UK starts to recover from the COVID-19 pandemic, we’ve taken action to make sure that payment systems help those that use them regularly – which is all of us.
What have we achieved this year?
This year we successfully concluded our first investigation under the Competition Act 1998: we put a stop to a cartel in the prepaid cards market and issued fines of over £33 million, making it clear that we won’t tolerate non-compliance.
We also improved protections for people making payments by expanding the coverage provided by the account-name-checking service Confirmation of Payee.
We developed our strategic approach to payments, laying the foundations for the future. We’re shaping the future of payments with our work on open banking – an increasingly important part of the payments’ ecosystem – as well as the development of the UK’s New Payments Architecture.
We provided more detail on our vision for the future by publishing the PSR Strategy. This sets out the outcomes we want to see in payments over the next five years, and the priority areas we’ll direct our resources towards.
We also set up a new Strategy, Analysis and Monitoring division, to ensure we focus our work on our strategic priorities and make better use of data to support our work.
By building on our previous achievements and continuing to refine our approach in areas such as stakeholder engagement, we will continue to play a key role in ensuring that payments work well for everyone.
What this document contains
As well as a summary of the work we completed in 2021/22, as set out above, the annual report also includes:
- Directors’ report
- Corporate governance statement
- Directors’ remuneration report
- Financial statements