UK Payments Watchdog May Be Abolished, Sky News Says

UK ministers are examining whether to scrap the country’s Payment Systems Regulator, or PSR, and fold it into the Financial Conduct Authority, Sky News reported.

A decision is expected to be taken in principle within weeks, Sky News said, citing people it didn’t identify.

Business Secretary Jonathan Reynolds signaled earlier this month that some of Britain’s financial regulators could be abolished or merged as part of a drive to spur growth by cutting red tape. The country’s regulatory framework relies on a patchwork of agencies to protect consumers and police financial institutions.

Last month the government ousted Marcus Bokkerink, ...