Source · Select Committees · Treasury Committee
Recommendation 115
115
Deferred
Ensure Payment Systems Regulator's competition work continues during and after consolidation
Conclusion
HM Treasury, the Bank of England and the Financial Conduct Authority must ensure that the work of the Payment Systems Regulator on competition in payments markets is taken forwards during and after the consolidation of the Payment Systems Regulator into other regulators. (Recommendation)
Government response summary AI-generated
The government's response focuses on the issue of digital and financial exclusion, outlining ongoing work with various bodies and continuous data monitoring, but does not specifically address how the Payment Systems Regulator's work on competition will be carried forward during its consolidation.
Summary of the government's response below — read the verbatim text to verify.
Government Response
Deferred
HM Government · verbatim extract
Deferred
2 6th-opinion-from-march-25-ccap-meeting.pdf 3 community-access-to-cash-pilots-report-december-2021.pdf 4 community-access-to-cash-pilots-report-december-2021.pdf The Government supports the Committees’ recommendation that the important work of the Payment Systems Regulator (PSR), underpinned by its objectives for payment systems, must continue during and after its consolidation. The PSR continues to be an independent regulator with full access to its statutory powers in the interim. There are no immediate changes to its functions and its work will continue, including its important role in regulating innovation and competition in payment systems and ensuring payments systems work for the businesses and consumers that use them. The PSR and FCA are taking steps to work closely together over the transitional period. This will help realise the benefits of a streamlined regulatory environment and make the transfer of functions to the FCA as smooth as possible. The Government will consult on the details of transfer of responsibilities from the PSR to the FCA in due course and legislate as soon as possible.
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