This is our second annual report. It covers our activity in 2015/16, our first operational year, and reports on how we have met the aims and priorities we set out in our 2015/16 Annual Plan and Policy Work Programme.
In 2015/16 we developed ways to measure our performance and be open and transparent about how much we'd achieved. We also focussed on continuing to build a strong organisation and delivering our objectives: promoting completion, promoting innovation and promoting the interests of service-users.
Some of the significant milestones we reached include:
- The setting up of the Payments Strategy Forum and the Payments Community
- Publication of our summary on the regulatory directions on access and governance in our Access and Governance report
- The publication of our concurrent competition guidance, giving us a framework for competition investigations
- The publication of two interim reports assessing the supply of indirect access, and the supply of and competition in provision of payment system infrastructure, in line with our projected timeline
- Implementation of the Sponsor Bank Code of Conduct which should improve the service quality and clarity about services for PSPs
- Publishing guidance on the implementation of the first phase of IFR provisions in the UK
- Consulting on proposals for designating alternative account switching schemes
Take a look at our video: A year in review
What this document contains
As well as a summary of the work we completed in 2015/16, as set out above, the Annual Report also includes:
- 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
- 2016/17 Annual Plan & Budget setting out our work and aims for the year ahead
- The PSR Panel has published its first annual report
- Perceptions research conducted by BritainThinks
- Our response to the perceptions research
- In July 2015 we published our first annual report which set out the work we completed in 2014/15 to ensure we were ready to regulate by 1 April 2015, our first day of operation.
- PSR Annual Report 2015/16 - factsheet
Perceptions Research 2016
The independent agency BritainThinks carried out research to help us understand perceptions of the PSR's reputation and external communications.
PSR responds to perceptions survey
The Payment Systems Regulator (PSR) has today published the findings of a survey conducted by independent researchers BritainThinks.