Payment systems regulator unveils 2017/18 plan and budget

In the plan the PSR sets out its aims and a summary of its anticipated activities and expected costs for the next twelve months.

The PSR said its budget costs would consist of:

  • Staff costs: £7.9m
  • Professional fees: £2.5m
  • Accommodation and office services: £0.8m
  • Training, recruitment and travel: £0.4m
  • Information systems: £0.4m

The PSR said that during 2017/18 it will do further work on four substantial existing projects:

  • the Payments Strategy Forum (the Forum)
  • its market review on infrastructure provision
  • its access and governance work
  • work following its response to the Which? super-complaint on authorised push payment scams

It will also continue its important work to implement and monitor compliance with the EU Interchange Fee Regulation (IFR), the first and second EU Directives on Payment Services (PSD1 and 2), and the Payment Accounts Regulations (PARs).

Its work programme for the year ahead will also take into account its statutory objectives:

  • promoting competition
  • promoting innovation
  • promoting the interests of those that use or rely on payment systems