Regulator Profile

PSR

Payment Systems Regulator

Enforcement Regulator

3

Areas of regulation

5

Laws enforced

UK-wide

Quick links

Visit official website Email PSR Call 0300 456 3677

Access Competition Payment Systems

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.

Legal framework

Legislation that PSR 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