The government has announced plans to lay legislation that will end the Payment Systems Regulator (PSR).
The PSR currently looks after payment systems such as Faster Payments and Mastercard. However, its role will be consolidated into the Financial Conduct Authority.
Payment systems firms currently have to deal with three different regulators, which can make these systems unnecessarily complicated. Abolishing the PSR will simplify this.
Nothing is changing immediately. The PSR will continue to look after its work until Parliament has passed the necessary legislation.
