The UK Government has launched a consultation on plans to consolidate the Payment Systems Regulator (PSR) with the Financial Conduct Authority (FCA), aiming to simplify oversight of the country’s payments sector.
Responding to the consultation, David Geale, Managing Director at the PSR and Executive Director for Payments and Digital Finance at the FCA, said the move would provide a “clear, predictable and proportionate regulatory framework” to support the UK’s fast-growing payments industry.
Geale noted that the regulators have already begun aligning approaches in areas such as open banking and the New Payments Vision (NPV), reducing duplication and easing compliance for firms.
The consultation, which opened on 8 September, will run until 20 October 2025.
