UK Axes Payment Systems Regulator in Attempt to Cut Red Tape (1)

The UK government is abolishing the Payment Systems Regulator as part of its attempts to cut “unnecessary regulation” and stoke economic growth.

The work of the PSR, such as payment fraud and open banking policies, will be folded into the Financial Conduct Authority, the government said in a statement Tuesday.

The PSR, which is already an independent subsidiary of the FCA and funded by industry fees, will continue to operate until legislation is passed. The agency had 148 staff and operating costs of almost £23 million ($30 million) in the year through March 2024, according to its latest annual ...