Source: Payment Systems Regulator
The Payment Systems Regulator (PSR), the new economic regulator for UK payment systems, today published its first Annual Report.
The report sets out the work the PSR undertook in 2014 and 2015 to ensure it was ready to regulate come 1 April 2015, its first day of operation. You can read the full annual report on our website.
Work this year was 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.
While a huge amount has been achieved in 2014/15, a number of milestones stand out:
• 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.
It is just over three months since the PSR became operational and already we are starting to see our policies have an effect. For example, we are making it easier for organisations to access payment systems. We are also starting to see mind-sets in the industry changing and understanding of what we are trying to achieve.
Hannah Nixon, managing director of the PSR, said:
“The past year has been one of concentrated activity: we have put an expert team in place and created policies, processes and our regulatory framework. We are now a fully-fledged, independent economic regulator, and concurrent competition authority.
“I am confident we can open up the industry to new players and encourage innovation which consumers and organisations will value.”
PSR chairman, John Griffith-Jones, added:
“The PSR has already shown it can listen to a wide range of voices and we thank the many people and organisations who have contributed so far.
“I look forward to seeing the further fruits of this strong start and to reporting on how the PSR will make payment systems work well for those that use them.”