The UK Government announced the disbandment of the Payment Systems Regulator

➡️ The change comes as the UK Government focuses on streamlining regulation to boost economic growth more widely.

➡️ The PSR will be integrated within the Financial Conduct Authority (FCA), making the regulator a single port of call for firms’ regulatory obligations.

➡️ The announcement does not immediately alter the scope of supervision or ongoing work of the PSR; with any changes only taking effect after legislation is enacted by the UK Parliament.

✅ In the absence of immediate changes to the regulatory requirements applicable to them, Firms regulated by the PSR should not take this action as a relaxation of those requirements. They should review their processes and reporting requirements to ensure continued compliance, preparing to adapt as the UK regulatory landscape continues to evolve.