On 12 March 2025, Mr. Nikhil Rathi, Chief Executive of the United Kingdom Financial Conduct Authority (UK FCA), published a statement welcoming the UK Government’s announcement on the future of the Payment Systems Regulator (PSR), stating the need for a more streamlined regulatory framework.
Mr. Nikhil Rathi while acknowledging UK PSR’s role in enhancing payment system safety, competition, and innovation, stating, “PSR colleagues have made payment systems safer, more competitive and increasingly innovative. They should be proud of the huge amount achieved.
With a changed payments landscape, now is the right time to put in place a more streamlined regulatory framework. Doing so is a natural next step following recent work to improve co-ordination and clarity on regulatory responsibilities.
We will work closely with government, the Bank of England and the payment sector as the details of this change are decided and to ensure the transfer of any powers is smooth. In the meantime, we will drive forward with change, including welcoming the deep expertise of PSR colleagues within the FCA.”
The UK FCA confirmed it will collaborate with the government, the Bank of England, and the payments sector to ensure a smooth transition.
