The Payment Systems Regulator (PSR) has published the figures it will use to calculate the regulatory fees for each PSR fee payer in 2024/25. Firms can use the PSR’s fee calculator to estimate their annual invoice, but this is for guidance only and the exact amount will be shown on individual invoices.

The Payment Systems Regulator (PSR) has published its regulatory fees calculation figures for 2025/26. It noted that the annual funding requirement is £27m, based on a total transaction volume of 106.5bn and a transaction value of £180.04trn across all fee payers. The PSR confirmed that fee payers may use its fee calculator to estimate their annual invoice, although they must pay the amount shown on the invoice. It also reported that the proposed consolidation with the Financial Conduct Authority (FCA) will be managed within existing budgets, with no immediate plans to increase fees. Future funding arrangements are expected to be shaped by the legislative framework, with ongoing costs likely to remain funded through fees from regulated firms.

The Payment Systems Regulator (PSR) has published a consultation on amendments to Specific Direction 3 (SD3) which sets the legal requirements for Pay.UK in procuring upgraded infrastructure for payments currently made over Faster Payments (FPS). The proposals are an attempt to ensure compliance with the changed circumstances surrounding the New Payments Architecture (NPA) programme while maintaining the desired objectives for infrastructure, such as: improved access, increased innovation, enhanced adaptability, heightened competition and less financial crime. The key proposals included in the consultation include removal of the existing SD3 deadline, strengthening oversight and improving the regulatory framework. Responses are sought by 21 January 2025.

The Payment Systems Regulator (PSR) has issued its final report on the market review of card scheme and processing fees, revealing that Mastercard and Visa have increased their core scheme and processing fees to acquirers by at least 25% since 2017. The PSR says that the increase has resulted in businesses incurring at least £170m more annually. The report highlights that the lack of clear and detailed fee information has contributed to higher costs for acquirers and merchants, particularly affecting small retailers, hampering businesses' ability to invest and grow. The PSR plans to publish annexes to the report and a consultation paper to gather views on potential remedies for the identified issues.

The Payment Systems Regulator (PSR) has published a response to its December 2024 call for views on its initial proposals on how it could support the Phase 1 expansion of variable recurring payments (VRPs) to regulated financial services, regulated utilities sectors, and local and central government. The PSR aims to share a set of updated proposals for stakeholder comment in autumn 2024, and will also publish a draft cost-benefit analysis to accompany the proposals.

The Payment Systems Regulator (PSR) has decided to revoke Specific Directions 2 and 2a, which required the operator of the Bankers' Automated Clearing Services (Bacs) payment system to procure any future contracts for central infrastructure services in a competitive manner. The decision follows consultation and reflects the rationale used to revoke Specific Direction 3 (SD3), aiming to support the development of the National Payments Vision (NPV). The PSR notes that removing mandatory tendering provides the necessary space and flexibility for infrastructure planning and governance reforms, enabling Pay.UK to focus on strategic delivery and innovation in the UK’s retail payments landscape. The PSR and Bank of England intend to maintain regulatory oversight of Pay.UK and support the establishment of the Retail Payments Infrastructure Board. The revocation takes effect on 27 August 2025.

The Payment Systems Regulator (PSR) has published its policy statement PS25/4 announcing the revocation of Specific Directions 3 and 3a concerning Pay.UK, with the revocation taking effect on 21 May 2025.

The Payment Systems Regulator (PSR) is seeking feedback from businesses and trade bodies on how the PSR’s card acquiring remedies are impacting them. The feedback gathered will inform the PSR’s remedies progress reports, expected in 2025.

The Payment Systems Regulator (PSR) has published a letter it sent to Pay.UK in relation to the New Payments Architecture (NPA) work programme, the National Payments Vision (NPV), and Pay.UK’s decision to pause the NPA programme as a result of the government announcing its intention to consider the NPA’s role as part of the NPV. The PSR recognises that the pause has led to a ‘significant delay’ in Faster Payments System (FPS) migration and that FPS will likely be operational for significantly longer than originally envisaged. In the letter the PSR asks Pay.UK to set out likely milestones, scope, cost, impact and industry reaction as a result.

The Payment Systems Regulator (PSR) has published a call for views on its proposed approach to supervision, having established a Supervision and Compliance Monitoring division in 2023. The division was created to drive compliance with the PSR’s requirements, something that the regulator says has become increasingly important as it uses its powers to try to boost competition, increase choice and tackle payment fraud. Responses are sought by 7 June 2024.

The Payment Systems Regulator (PSR) has written to firms which are most commonly reported as enabling contact between fraudsters and victims ahead of its plans to publish data on such firms in the week beginning 9 December 2024.Firms wishing to meet or share comments with the PSR may do so by 4 December 2024.

The Payment Systems Regulator (PSR) has written to firms setting out key areas of focus in preparation for the authorised push payment (APP) scams reimbursement requirement, which comes into force on 7 October 2024. The PSR urges firms to focus their implementation activities over the coming months on understanding the new reimbursement requirements; claim management and data reporting through Pay.UK; and consumer awareness.