The UK Payment Systems Regulator (PSR) has published its annual report and accounts for 2024/25, summarising the PSR's progress across its key activities over the year. In March, the UK government announced that the PSR would consolidate into the UK Financial Conduct Authority (FCA) to streamline regulation and enhance efficiency. While legislation is pending, the report highlights the transitional work already underway to support a more streamlined approach. You may like to read our opinion piece "UK Payment Systems Regulator to be abolished - what's next?" which explores key considerations and potential impacts of the transition. The PSR's annual report sets out significant achievements in its work over the past year, including in fraud prevention through the reimbursement requirement for authorised push payment fraud scams, resulting in 99% of victims being reimbursed in the first three months.
The regulator also expanded Confirmation of Payee coverage to over 99% of Faster Payments and CHAPS transactions and published market reviews into card scheme and processing fees, identifying significant increases and competition concerns. The PSR also reflects on progress in support of the National Payments Vision (NPV), originally published in November 2024, with a focus on innovation, competition and security. You may like to read our article, "Payment Services and Payment Systems" in which we discuss, among other things, the NPV in more detail.
In parallel, the PSR Panel published its own annual report for 2024/25 on 4 September, outlining its involvement with, and contribution to, the PSR over the last 12 months.
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