The PSR has published its new strategy which sets out its priorities and desired outcomes within the payments sector over the next 5 years. This follows the PSR’s consultation last year, for which it has now published its response. The strategy focusses on the PSR’s core role of protecting the interests of people and businesses and promoting effective competition and innovation in payments. Alongside the full strategy, the PSR has also produced a summary document which sets out the key elements of its strategy more succinctly.
The PSR’s 4 new strategic priorities are:
- to ensure users have continued access to the payment services they rely on and to support a range of payment options;
- to ensure users are sufficiently protected when using the UK’s payment systems;
- to promote competition between UK payment systems and the markets supported by them and protect users where they competition is not sufficient; and
- to act to ensure the interbank systems provide the infrastructure, rules and incentives that enable innovation and competition in payments.
The PSR will publish its Annual Plan in March 2022 which will set out the regulator’s work plan for the more immediate future.