PSR asks industry to contribute to new strategy

The Payment Systems Regulator (PSR) is calling on payments firms to contribute to the development of its future strategy.

The regulator is asking for help to define clear outcomes for the payment sector before a formal consultation takes place at the end of this year.

In a statement, the PSR said the strategy would “set out priorities for the regulator, and what stakeholders can expect from the regulator in the future”.

Established in 2015 by the UK government, the PSR is the first dedicated economic regulator of payment systems in the world.

Its work programme and approach to date have been guided by a clear mandate set out when the PSR was first launched – and many of these objectives have now been delivered.

But as the sector, technology, external environment and consumer demands continue to evolve, many new issues are arising which could impact payment systems and their users in the coming years; including the COVID-19 pandemic.

Louise Buckley, chief operating officer and head of strategy at the PSR, said: “Developing our strategy is about making sure we are clear on where to focus our resources for optimum impact; prioritising our work well so we can continue to make payment systems accessible, reliable, secure and value for money in the most efficient way possible – it’s also paramount that staff and stakeholders have a clear line of sight to where we’re going. 

She explained that to do this well, it’s important to hear from a broad range of interested people and organisations. "We’re hoping many of you will get involved in the conversation – giving us feedback online, through blogs, stakeholder conversations and events and virtual ‘visits’ so we can make sure we identify all the opportunities and priorities, and get it right for the future.”   

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