PSR publishes annual report and accounts for 2024/25

The PSR has published its annual report and accounts for 2024/25.

Strategically, the PSR has been working towards integrating with the FCA. It has also been focussed on the NPV, innovation, competition and security, and has updated its five-year strategy to reflect these areas.

The report highlights a number of successes in the last year, including:

• Implementation of a world-first APP fraud reimbursement requirement in October 2024;
• Expansion of the Confirmation of Payee service to over 99% o Faster Payments and CHAPS transactions; and
• Promotion of open banking services, with 13.3m active users of open-banking enabled products in the UK as at March 2025.

Finally, the PSR reported a total income of £26.2m against operating costs of £28.1m, resulting in a £1.9m loss. The regulator noted that staff costs had increased significantly due to additional recruitment related to achieving its strategic objectives.