Priorities as the PSR transitions into the FCA
The PSR has published its annual Plan and Budget for 2025/226, which provides an overview of its commitments and priorities over the next financial year, as it move towards consolidation with the FCA.
To note, the PSR retains its remit and powers until the outcome of a forthcoming consultation on how the transition will take place.
As the PSR moves toward the transition, it will continue to work with the FCA and the BoE to deliver the National Payments Vision and develop the Payments Forward Plan, including upgrades to the Faster Payments System. It will also support the government as it develops the future approach for payment systems. The PSR will continue its work on rolling out low-risk VRPs for Open Banking, and the market review on card fees. Work on progressing the proposed price cap for cross-border interchange fees is currently paused until Quarter 3, pending the outcome of a judicial review into its powers to impose a price cap.
We will of course continue to engage with the PSR on your priorities and share updates on each of these as work progresses.
