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Media reports suggest that the UK’s Payment Systems Regulator (PSR) could be axed as part of the government’s regulatory cull.
The PSR, which came into existence in 2015, could be scrapped and folded into the Financial Conduct Authority (FCA) as part of the UK government’s drive to cut red tape, media outlets such as the Financial Times and Sky News have said.
As covered by Vixio, the UK payments regulator announced in November that it is recruiting a new managing director who will also serve as the FCA’s executive director for payments and digital assets in a permanent dual role.
Rumours that the PSR might be scrapped have circulated for months, and the idea was previously touted by former Prime Minister Liz Truss.
Ministers and officials are now reportedly actively considering the move, with a decision expected within weeks.
If confirmed, it would be part of a wider shake-up of Britain’s economic regulators under the new Labour government, which wants economic growth.
The review follows last month’s dismissal of Competition and Markets Authority (CMA) chair Marcus Bokkerink, amid concerns that the regulator was not prioritising UK competitiveness.
