Launch of Payment Systems Regulator
The UK’s financial sector has a new watchdog with the launch of the Payment Systems Regulator (PSR).
Payment systems underpin virtually every financial transaction we make – whether it’s major institutions transferring large sums of money to each other or individuals receiving their salary or pension into their account.
The new regulator says its goal is to promote competition and innovation and to ensure payment systems are operated and developed in the interests of service-users.
Last year UK payment systems dealt with more than 21 billion transactions worth around £75 trillion but what the systems are and how they work is not well known outside the industry and they are regarded as a block to new lenders entering the market. The formation of the PSR may help to remedy this.