Tagged: psr

Cash Still King? UK FCA Says 5 Million Still Count on Cash for Majority of Transactions

In a digital world, physical cash still counts. A lot, according to UK regulators. A speech delivered today by Sheldon Mills, Executive Director for Consumers and Competition at the Financial Conduct Authority (FCA), he revealed that 5 million individuals still count on the pound sterling… Read More

Payment Systems Regulator in the UK Provisionally Finds Five Service Providers Violated the Law by Engaging in “Cartel Behavior” in the Pre-Paid Cards Sector

The Payments Systems Regulator (PSR) in the UK stated on March 31, 2021 that it “provisionally” finds five firms violated the law by “engaging in cartel behavior” in the pre-paid cards market. As stated in a release, three out of five parties actually admitted liability… Read More

FCA Chairman John Griffith-Jones Confirms Departure in 2018

The Chairman of the Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR) John Griffith-Jones has confirmed his intent to depart both agencies at the end of his term in March 2018.  Griffith-Jones was appointed as the first FCA Chair in 2013, He became Chair… Read More

UK Payment Systems Regulator Tackles Payment Scams

The Payment Systems Regulator (PSR) has published draft “Terms of Reference” outlining how it intends to review whether the operators of CHAPS (Clearing House Automated Payment System) and Faster Payments Scheme (FPS), need to play an expanded role to reduce consumer harm caused by particular… Read More

In Need of Reform: UK Payments Infrastructure

Last week the Payments Systems Regulator (PSR) announced that reform is needed in the UK payments sector to improve competition and better serve consumers.  The announcement was made by the one-year-old agency following a report on payments released by the PSR. The PSR stated that there… Read More

The UK Wants to Lead the World in Digital Payments & Regulators are there to Help

The UK has already staked a claim in the broader category of Fintech having created the concept of Peer to Peer Lending and fostering the most vibrant equity crowdfunding ecosystem in the world. None of this could have been accomplished without the explicit assistance of… Read More

PSR: UK Banks are Stifling Innovation & Competition in Payments

The Payment Systems Regulator (PSR) has told UK banks they should “sell their stake in UK payments infrastructure”. The statement comes after the release of an interim report that reviews the UK’s payment system. The assessment pretty much tells banks they are stifling innovation and competition…. Read More

Brief: UK Payment Systems Regulator Has New Head of Policy

The Payment Systems Regulator has hired Paul Smith as its new Head of Policy. Smith was previously at the Australian Energy Market Commission (AEMC) where he was the Chief Executive Officer.  He will assume his responsibilities on February 1st. Smith resigned from the AEMC in… Read More

Regulatory Chairs: FCA & PSR Boards Update Committee Members

The Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR) have updated the make-up of several important committees including; the FCA’s Regulatory Decisions Committee (RDC) and Competition Decisions Committee and the PSR’s Enforcement Decisions Committee (EDC) and Competition Decisions Committee.   These four committees are make… Read More

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