Payment Systems Regulator could be scrapped under new Govt plans

The Payment Systems Regulator (PSR) could be abolished as part of plans that could see the UK’s payments watchdog fold into the Financial Conduct Authority (FCA).

Sky News has reported that the Government is “actively considering” a decision to scrap the body and that a decision could be made “within weeks”.

The PSR is the economic regulator for the £81trn payment systems industry in the UK, and while it is a fully independent subsidiary of the FCA, it does share some operational services.

Reports that it could be scrapped follow the Chancellor, Rachel Reeves, last week indicating that she would tell cabinet ministers to conduct a “full audit” of the UK’s regulators – which total over 130 and include several watchdogs in the finance sector – to ensure they are working to boost growth.

The Financial Times reported that this would including looking into whether any UK regulators should be scrapped, and that Reeves had promised senior bankers that she wants to “cut red tape”.



Share Story:

Recent Stories


FREE E-NEWS SIGN UP

Subscribe to our newsletter to receive breaking news and other industry announcements by email.

  Please tick here to confirm you are happy to receive third party promotions from carefully selected partners.


NEW BUILD IN FOCUS - NEW EPISODE OF THE MORTGAGE INSIDER PODCAST, OUT NOW
Figures from the National House-Building Council saw Q1 2025 register a 36% increase in new homes built across the UK compared with the same period last year, representing a striking development for the first-time buyer market. But with the higher cost of building, ongoing planning challenges and new and changing regulations, how sustainable is this growth? And what does it mean for brokers?

The role of the bridging market and technology usage in the industry
Content editor, Dan McGrath, sat down with chief operating officer at Black & White Bridging, Damien Druce, and head of development finance at Empire Global Finance, Pete Williams, to explore the role of the bridging sector, the role of AI across the industry and how the property market has fared in the Labour Government’s first year in office.


Does the North-South divide still exist in the UK housing market?
What do the most expensive parts of the country reveal about shifting demand? And why is the Manchester housing market now outperforming many southern counterparts?



In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.

The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.

In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.