Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Establishment definition

What does Establishment mean? In cross‑border insolvency practice, an “establishment” is a debtor’s place of operations in a state where it conducts a stable, non‑transitory economic activity using people and assets. The concept is used to justify secondary (EU) or non‑main (Model Law) proceedings alongside main proceedings at the debtor’s centre of main interests (COMI). It is a defined term in Regulation (EU) 2015/848 (the recast Insolvency Regulation) and in the UNCITRAL Model Law on Cross‑Border Insolvency (implemented in Great Britain by the Cross‑Border Insolvency Regulations 2006 and in Northern Ireland by the 2007 Regulations). In both regimes, it requires more than a...

The UK Payment Systems Regulator: establishment, governance, remit; PSD2/PSRs 2017, assimilated IFR and PARs 2015 roles; FSMA 2023 DSA reforms; regulatory fees; proposed consolidation into the FCA

Published by a LexisNexis Financial Services expert

Practice notes

STOP PRESS :

In March 2025, the government signalled plans to fold the Payment Systems Regulator and most of its functions into the Financial Conduct Authority. The change aims to simplify the regulatory landscape, cut duplication, and free businesses to focus on innovation and service delivery. While the implementation date is not yet known, HM Treasury indicated in a letter that it intends to legislate at the earliest opportunity. In the meantime, the PSR and FCA plan to work closely together.

In September 2025, HM Treasury issued a consultation on the consolidation. It proposes transferring the PSR’s responsibilities—including fostering competition and innovation in payment systems and advancing the interests of consumers and businesses—into the FCA’s framework under the Financial Services and Markets Act 2000 (FSMA 2000), or into a new part of FSMA 2000 where needed. The government intends to retain the current designation regime so regulation remains targeted and proportionate, and confirms that no new categories of regulated persons will be introduced. The FCA would assume objectives and powers equivalent to those currently exercised by the PSR, with oversight and accountability arrangements adjusted to reflect its expanded remit...

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Web page updated on 22/05/2026

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