Payments Strategy Forum Sets Out Payment Industry Proposals

New Regulator To Come Into Operation Next Year

18.11.2014

The new Payments System Regulator (PSR) has published details on how it intends to regulate the UK's payments industry when it begins its work next year.

The PSR, which was incorporated in April 2014 and will become fully operational in April 2015, is a subsidiary of the Financial Conduct Authority with a remit to regulate the £75 trillion payments industry.

Its three main objectives are to promote competition, promote innovation, and ensure payment systems are developed and operated in service-users' interests.

The measures it proposes to achieve this will include driving industry strategy and opening up the ownership, control and governance of payment systems, while raising standards of transparency.

A Payments Strategy Forum will also be created with the aim of increasing collaboration, innovation and representation of service-users.

"I want to see an industry that is responsive to, and focused on, the needs of those using payment services," said PSR managing director Hannah Nixon.

"This will be an industry that encourages and enables competition and innovation, [and] provides value for money, while maintaining reliability and security."