Payment Systems Regulator

The Payment Systems Regulator Limited (PSR) is the economic regulator for the £81 trillion payment systems industry in the UK.

Working with the industry 

In the run up to launch on 1 April 2015 we consulted extensively with all those that have an interest in the payment systems industry. This has informed our policy-making and helped develop our regulatory framework.

All the feedback, views, submissions and advice we have received is evident in our Policy Statement which sets out the detail of how we will operate as a regulator.

Our objectives

Our statutory objectives underpin everything we do. In summary these are:

  • to ensure that payment systems are operated and developed in a way that considers and promotes the interests of all the businesses and consumers that use them
  • to promote effective competition in the markets for payment systems and services - between operators, PSPs and infrastructure providers
  • to promote the development of and innovation in payment systems, in particular the infrastructure used to operate those systems

Our vision

Payment systems are accessible, reliable, secure and value for money.

“Our approach will bring change to the payments industry, injecting competition and innovation where it is needed most and putting the interests of the people and businesses that use payment systems front and centre.”

Hannah Nixon, PSR managing director

The PSR talks to

  • payment system operators (cards and interbank)
  • payment service providers, including banks and building societies
  • infrastructure providers
  • businesses that rely on these systems

To ensure we have the best insight and information available we also work with:

  • industry bodies
  • consumer groups

Our approach is collaborative but where evidence shows the payment systems industry is failing to deliver greater competition, more innovation and greater benefits for businesses or consumers, then we won’t hesitate to apply our powers.

PSR powers

The PSR has a range of strong regulatory and competition powers. We can:

  • give directions to take action and set standards
  • impose requirements regarding system rules
  • require operators to provide direct access to payment systems
  • require PSPs to provide indirect access to smaller PSPs
  • amend agreements relating to payment systems, including fees and charges
  • investigate behaviour which isn’t consistent with our directions
  • act where we see anti-competitive behaviour, alongside the Competition & Markets Authority

The PSR is

  • a subsidiary of the Financial Conduct Authority
  • independent, with its own managing director and board
  • charged with strong competition and regulatory powers
  • funded by the industry
  • accountable to Parliament