The PSR has published its work plan for 2026/27, highlighting it continued focus on tackling high card fees, maintaining APP fraud protection, and supporting innovation and competition in the UK payments sector.
In particular, the PSR will be working on:
- Taking action on high card fees, including tackling cross-border interchange fees, and remedying domestic scheme and processing fees to address weak competition in the market;
- Continuing to tackle APP fraud, including publishing and responding to an independent evaluation of the first year since the mandatory reimbursement requirement came into effect;
- Overseeing delivery of critical payments infrastructure under the National Payments Vision, in collaboration with the BoE, FCA and Treasury;
- Supporting the next phase of open banking, including establishing a long term regulatory framework and future oversight arrangements;
- Strengthening supervision and enforcement, and aligning approaches with the FCA; and
- Progressing consolidating planning in respect of its combination with the FCA, to manage impact and provide clarity for regulated entities.
The PSR’s budget for 2026/27 will be £26m. This figure is 7% less than the budget for 2025/26, reflecting efficiencies achieved through consolidation with the FCA. Around £21.5m of this budget will be recovered through annual fee funding.