Regulator profile
PSR
Payment Systems Regulator
Enforcement Regulator3 areas of regulation · 5 laws enforced · UK-wide
What PSR does
Economic regulator for payment systems in the UK. Promotes competition, innovation, and service-user interests in payment systems. Regulates participants in designated payment systems (BACS, CHAPS, Faster Payments, LINK, card schemes). Can direct payment system operators and participants.
Additional information
Subsidiary of FCA but operationally independent. Key focus on APP (Authorised Push Payment) fraud reimbursement requirements.
Contact PSR
Types of regulation
Legal framework
Legislation that PSR directly enforces.
Primary legislation
- Competition Act 1998 Act 1998
- Enterprise Act 2002 Act 2002
- Financial Services (Banking Reform) Act 2013 (strengthened depositor protection) Act 2013
Secondary legislation
- The Payment Card Interchange Fee Regulations 2015 UK Statutory Instrument 2015
- Payment Services Regulations 2017 UK Statutory Instrument 2017
Related legislation
Legislation connected to PSR's remit but not directly enforced — establishing Acts, amendments, referenced legislation, and context.
Administered / monitored
-
The Payment to Treasury of Penalties (Enforcement Costs of the Payment Systems Regulator) Order 2015
UK Statutory Instrument 2015
Amendments / commencements
-
FSMA 2023
UK Act of Parliament 2023
Referenced in enforcement
-
Financial Services and Markets Act 2000
UK Act of Parliament 2000
Coverage area
UK-wide