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UK payments regulator sees competitiveness objective introduced via the backdoor

Copyright © 2025 LexisNexis

Published on: 20 November 2024

Published by an MLex correspondent

Table of contents

Fintech's frustration
Regulator response

Article summary

MLex: Until now, the UK's payments regulator has avoided the additional scrutiny that a competitiveness and growth remit brings with it. Following a letter from the finance minister to the Payment Systems Regulator (PSR) on 14 November 2024, that appears to have changed. In executing its functions, the PSR must now have regard to the government's growth and competitiveness strategy. That is likely to prove a flashpoint for the fintech sector, which has been irked by the PSR over its handling of fraud reimbursement rules.

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