PSR Response to HMT Streamlined Payment Systems Consultation
Summary
The Payment Systems Regulator has published its response to HM Treasury's consultation on consolidating the PSR into the Financial Conduct Authority. David Geale, PSR Managing Director and FCA Executive Director for Payments and Digital Finance, stated that both regulators have undertaken substantial joint work to integrate their approaches and are advanced in preparations, working with HM Treasury on developing legislation to deliver the streamlined regulatory framework once changes take effect.
“"The FCA and PSR have already undertaken substantial joint work to integrate our approaches and are well advanced in our preparations, working closely with HM Treasury to support the development of legislation and ensure we are ready to deliver an effective, streamlined regulatory framework once the changes come into force."”
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GovPing monitors UK PSR News for new banking & finance regulatory changes. Every update since tracking began is archived, classified, and available as free RSS or email alerts — 7 changes logged to date.
What changed
The PSR has published its formal response to HM Treasury's consultation on merging the Payment Systems Regulator into the Financial Conduct Authority. The response confirms that both the FCA and PSR have already conducted substantial joint work to align their approaches to payment systems regulation and are described as well advanced in integration preparations.
Payment service providers, fintech firms operating in UK payment systems, and financial institutions should monitor this consolidation process. The merger, once legislated, will result in payment systems regulation being overseen by the FCA rather than a standalone PSR, consolidating regulatory authority for payments within the FCA's broader financial services mandate.
Archived snapshot
Apr 27, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
The Government has published its responses to its consultation on the consolidation of the PSR with the FCA.
David Geale, PSR Managing Director and FCA, Executive Director, Payments and Digital Finance said in response:
“We welcome HM Treasury’s response to the consultation on consolidating the Payment Systems Regulator into the FCA.
"The FCA and PSR have already undertaken substantial joint work to integrate our approaches and are well advanced in our preparations, working closely with HM Treasury to support the development of legislation and ensure we are ready to deliver an effective, streamlined regulatory framework once the changes come into force.”
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