Payment Systems Regulator publishes new annual plan

Issue 592: 9 April 2024

Payment Systems Regulator publishes new annual plan

The Payment Systems Regulator (PSR) has published their annual plan for 2024/25, setting out their key aims, activities and costs for the next twelve months.

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Announcing The Plan

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Annual Plan

The annual plan highlights that this year, the third of a five-year Strategy, will be an important one for consolidating the delivery of the PSR’s work to improve payments for people and businesses across the UK. 

The PSR’s plan states that they have made significant progress against their strategic priorities, and their focus is now on ensuring that their policies and requirements are implemented effectively. 

The activities include a particular focus on:  

Better outcomes through competition

The PSR are working to encourage competition and industry developments so that the UK can benefit from world-leading payment systems. In particular, the PSR state that they are driving changes to unlock greater use of open banking for payments.  

Protecting people now and in the future

New reimbursement rules for Authorised Push Payment (APP) fraud take effect from 7 October this year. The PSR believe that they incentivise all payment firms to deal with fraud before it harms their customers, and to do more to look after victims consistently. 

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Source: PSR

The annual plan outlines the four strategic priorities that the PSR will deliver against over the next 12 months.

As well as the full document, the PSR have also created a handy animation, which summarises the key projects and workplan. 

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Workplan

Source: PSR

Eight key initiatives

Alongside the annual plan and budget the PSR’s have also published a workplan summarising eight key initiatives: