On 17 August 2026, the Payment Systems Regulator (PSR) issued its Annual Report and Accounts for 2025/26.
Among other things, the Annual Report notes that the government has recognised the importance of payment systems regulation within its proposed new regulatory framework and that the Financial Services and Markets Bill contains provisions to abolish the PSR and transfer its functions to the FCA, preserving its substance and scope.
The PSR reports that it has made good progress with the consolidation, implementing operational changes and supporting the legislative process. In particular, it notes that PSR staff who have formally transferred to the FCA already as part of the phased transitions are delivering PSR work from their new FCA teams under a service agreement, within a matrix managed arrangement.
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