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.
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
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.