Payment Systems Regulator

Season's greetings from the PSR! ☃️ ❄️ 🎅🎄

🤝 Events and engagement 🌍 We welcomed the Board of EthSwitch to the PSR this week as part of their study tour program. It was an excellent afternoon of discussion on the PSR’s role as an economic regulator, and how the Ethiopian payments ecosystem is evolving. We look forward to further opportunities to engage! 👀 Take a look and get in touch... ✍ We are consulting on proposed changes to Specific Direction 3 (SD3), which sets the legal requirements for Pay.UK in procuring upgraded infrastructure for payments currently made over Faster Payments (FPS). We are seeking views on our proposals until 5pm on 21 January 2025 - https://lnkd.in/ewixDdKY 💳 We published our final report on our market review into cross border interchange fees, along with an associated consultation paper seeking views on potential remedies to the issues identified. The window for giving feedback is open until 7 February 2025 - https://lnkd.in/e9X2WSUU 🦹 We published a new report showing how fraudsters exploit major platforms to scam consumers. Did you know that over half of scams involve Meta platforms, or that investment scams cause the biggest losses? Read our full report here: https://lnkd.in/e5S7rd5F  

It was great to welcome the Board of EthSwitch to the PSR this week as part of their study tour program. Thanks to Alastair Tyler and Richard Johnson for facilitating an excellent afternoon of discussion on the PSR’s role as an economic regulator, and how the Ethiopian payments ecosystem is evolving. We look forward to further opportunities to engage!

🦹 This year, we used our powers to gather data from 14 of the largest banking groups in Great Britain and Northern Ireland. Our new report identifies which platforms fraudsters most commonly exploit across different APP scam types, including romance, purchase, and investment scams for example.  Have a look at what we found 👉 https://lnkd.in/eu3FwQYa

Last month I sat down with the Payment Systems Regulator's Dan Moore to discuss what the regulator's key priorities were for 2025 and beyond. We also touched on fostering innovation in the UK's payments sector and the PSR's role in removing barriers to innovation, promoting fair competition, and creating sustainable commercial models that drive investment in UK payments. You can read the interview below 👇

📢 New report from PSR shows how fraudsters exploit major platforms to scam consumers Hear from our Head of Policy Kate Fitzgerald below, and read our full announcement here: https://lnkd.in/eu3FwQYa

The PSR has today published the final report of its market review into cross border interchange fees. The report finds that the high level of fees is harming businesses, so the PSR is also publishing a consultation on a proposed price cap remedy that seeks to protect UK businesses from overpaying these fees. 📢 David Geale, the PSR’s Managing Director, said:  “Cards are a popular way we make payments in the UK. Our findings confirm that, due to a lack of competition, Mastercard and Visa were able to raise cross-border interchange fees to an unduly high level, costing UK businesses hundreds of millions of pounds.  “We have carefully considered the feedback we have received. We consider that consulting on a range of options for capping prices is the best way forward to ensure UK businesses get a better deal. We look forward to receiving evidence on these proposals from all interested parties.”  You can read our full announcement here: https://lnkd.in/eCSHH2Z3

⚔ 👀 We'll soon be publishing new data on the firms most commonly reported by victims as enabling contact between fraudsters and victims. This transparency will provide better data insights to support all sectors, and incentivise action from non-payment sectors to tackle fraud at its source. #appscams #scamprevention #paymentsregulation

🤝 Events and engagement  🔮 David Geale, our Managing Director, and Dan Moore, our Head of Strategy, Analysis and Engagement, presented to the Innovate Finance Led Fintech Strategy Group – which includes representatives from a range of fintechs. The discussion covered the PSR’s current priorities, the Mid Strategy Review and the National Payments Vision – with a strong emphasis on supporting innovation. 👀 Take a look... 📊 We published our consultation on amending Specific Direction 3 which sets the legal requirements for Pay.UK in procuring upgraded infrastructure for payments currently made over Faster Payments (FPS). We are consulting until 5pm on 21 January 2025. https://lnkd.in/exS4XRaJ

🤝 Events and engagement 🔮 Our Head of Policy, Kate Fitzgerald, gave a keynote speech at Excellence in Digital Banking International Summit about Reshaping the future of payments – making sure users are protected, enabling effective competition, and ensuring everyone has access to payment services that meet their needs. 🙌 Dan Moore, our Head of Strategy, Analysis and Engagement, joined a Natwest Payments Industry event and spoke to their 3,000 strong payments communication about payments regulation and developments in the payments ecosystem particularly the opportunities of the National Payments Vision. 👀 Take a look... 🌍 Today, it's Black Friday and next week we'll see Cyber Monday. So, you can still see our research showing reimbursed fraud victims feel more vigilant about fraud risks, not less. You can read our full announcement here: https://lnkd.in/eCZUZj7F