The Payments Vision Delivery Committee (PVDC) has published a policy paper clarifying how the United Kingdom's next-generation retail payments infrastructure should accommodate financial crime controls, providing supporting context to the design consultation opened by the Retail Payments Infrastructure Board (RPIB) on 25 June 2026. The RPIB consultation, chaired by the Bank of England, addresses the core clearing and messaging layer that will eventually replace the rails unde

The Payment Systems Regulator (PSR) is consulting on proposals that would require Mastercard and Visa to report their UK financial performance, enabling the regulator to better monitor and assess scheme profitability over time. The move follows the PSR's market review of card scheme and processing fees, which found evidence consistent with profit margins being higher than would be expected in a competitive market. The earlier review concluded that the schemes do not face effe

The UK government has confirmed its intention to abolish the Payment Systems Regulator (PSR) and consolidate its functions within the Financial Conduct Authority (FCA), marking a significant structural shift in the oversight of payment systems. The consultation outcome, published on 21 April 2026, signals broad industry support for a more unified regulatory framework, but also highlights execution risks that will determine whether the reform delivers meaningful efficiency gai

The Payment Systems Regulator (PSR) has set out an ambitious agenda for 2026/27, with card fees, APP fraud and wider payments reform at the centre of its annual plan. Published on 26 March 2026, the programme signals a regulator intent on pushing ahead where competition remains weak, while maintaining strong consumer protections and supporting the next phase of innovation in UK payments. A major priority is card fees, where the PSR plans to press on with action over both cros

The Payment Systems Regulator (PSR) has fined Bank of Ireland UK plc (BOIUK) £3,779,300 for failing to implement Confirmation of Payee (CoP) within the mandated timeframe, leaving more than 1.14 million new payees and £6.9 billion in payments without the safeguard. The enforcement action relates to BOIUK’s failure to comply with the ‘send’ requirements under paragraph 3.1 of Specific Direction 17 (SD17). As a Group 1 payment service provider (PSP), BOIUK was required to have

The Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR) have issued a joint statement providing important regulatory clarity on open banking pricing models, specifically in relation to commercial Variable Recurring Payments (cVRPs). The statement confirms that, at this stage, the regulators will not prioritise a Competition Act 1998. Investigation into the centralised access fee pricing model being developed by the UK Payments Initiative for cVRPs. Comme

The High Court has upheld the Payment Systems Regulator’s (PSR) authority to regulate payment systems, backing its powers to impose a cap on cross-border interchange fees. The judgment, delivered on 15 January 2026, represents a significant affirmation of the PSR’s statutory remit and its role in safeguarding competition and service user interests across the UK payments landscape. The legal challenge arose in response to the PSR’s proposal to cap cross-border interchange fees

The Payment Systems Regulator (PSR) has announced a significant regulatory intervention aimed at improving transparency, governance and oversight in the UK card payments market, following concerns over rising scheme and processing fees charged by Visa and Mastercard. The measures mark a decisive step to address what the regulator has identified as a lack of effective competition and insufficient fee transparency. Card payments play a central role in the UK economy, yet the PS

The Payments Vision Delivery Committee has announced its strategy to shape the next generation of UK retail payments infrastructure. Bringing together the Treasury, Bank of England, Financial Conduct Authority and Payment Systems Regulator, the initiative marks a key milestone in delivering the government’s National Payments Vision and its ambition for a modern, inclusive and secure payments ecosystem. The new strategy outlines five strategic outcomes focused on innovation, c

The Payment Systems Regulator (PSR) has marked the first anniversary of its Authorised Push Payment (APP) reimbursement policy by...

The Payment Systems Regulator (PSR) has announced the appointment of Andrew Wigston as its interim Head of Supervision and Compliance...

The Payments Vision Delivery Committee has unveiled an innovative new model for the future of the UK’s retail payments infrastructure,...