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PSR Strategy Jan 2022

The PSR Strategy

13/01/2022 Size: 818.665 KB PSR Strategy


Payments are an essential part of daily life and it’s the PSR’s job to ensure that the systems underpinning them work well for everyone.

We want everyone to have access to payment services they need – and to be sufficiently protected when using them. In our new strategy, we set out our priorities and what we aim to achieve over the next five years.

The strategy recognises areas where payments markets and systems are working effectively, but also highlights where more work is needed. It brings together our ideas for how payment systems and services should adapt for the future and focuses on our core role - to protect the interests of people and businesses, and to promote effective competition and innovation in payments.

Chris Hemsley, the PSR’s Managing Director, introduces the strategy:

Our strategic priorities

Our final strategy identifies four strategic priorities for the next five years. These are:

  1. Ensure users have continued access to the payment services they rely on and support a choice of payment options.
  2. Ensure users are sufficiently protected when using the UK's payment systems.
  3. Promote competition between UK payment systems and the markets supported by them; protecting users where that competition is not sufficient.
  4. Act to ensure the interbank systems provide the infrastructure, rules and incentives that foster innovation and competition in payments.

Natalie Timan, Head of Strategy, Analysis and Monitoring outlines the next steps: