Following the news of PSR’s closure and its upcoming merge with the FCA, Andrew Moseley, Head of Solution Consulting Europe at ACI Worldwide, gave some comments on the matter.
Comment by Andrew Moseley, Head of Solution Consulting Europe
“This is not unexpected after the publication of the National Payments Vision (NPV), which called for a clear, predictable and proportionate regulatory framework to support growth and unlock investment.
“The impact may not be as significant as it seems at first. The PSR and FCA are already closely linked – for example, they share the same London office, and the PSR board is appointed by the FCA. They are also already closely collaborating as part of the Payments Vision Delivery Committee (PVDC), established under the NPV to simplify the complex regulatory environment.
“However, the decision to absorb the PSR into the FCA shows the government’s determination to take the necessary action to streamline the regulatory framework and create a more agile environment that will better serve the rapidly evolving payments industry.
“We should note one caution: it is crucial that this decision and the transition that follows does not delay the ongoing work of the PVDC, and in particular its initial focus on the long overdue enhancements required to the existing Faster Payments System.”
