UK payments regulator to be abolished and absorbed by financial watchdog

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UK payments regulator to be abolished and absorbed by financial watchdog

//business-finance.news-articles.net/content/202 .. bolished-and-absorbed-by-financial-watchdog.html

Published in Business and Finance on Wednesday, March 12th 2025 at 5:00 GMT by Reuters

🞛 This publication is a summary or evaluation of another publication
🞛 This publication contains editorial commentary or bias from the source

LONDON] Britain's payments regulator will be abolished and its remit absorbed by another financial regulator, the government said on Tuesday, as it aims to cut red tape in favour of growth. Read more at The Business Times.

2025-03-12 163 x 110 / 4103 Bytes

The UK government has decided to abolish the Payment Systems Regulator (PSR) and integrate its functions into the Financial Conduct Authority (FCA) as part of a broader initiative to streamline financial regulation. This move aims to enhance efficiency and reduce costs by eliminating overlapping regulatory roles. The PSR, established in 2015 to oversee payment systems and ensure they serve the interests of users, will see its responsibilities, including the regulation of payment systems and the promotion of competition, absorbed by the FCA. This decision follows a review by the Department for Business and Trade, which concluded that merging the PSR with the FCA would not only simplify the regulatory landscape but also potentially save up to £4.7 million annually. The transition is expected to be completed by 2024, with the FCA taking over the PSR's staff and regulatory duties.

Read the Full Reuters Article at:
[ https://www.msn.com/en-us/money/financial-regulation/uk-payments-regulator-to-be-abolished-and-absorbed-by-financial-watchdog/ar-AA1AITDW ]