Jurisdiction(s):
United Kingdom

Competitiveness by the back door: UK tells PSR to prioritise growth and international competitiveness, via ministerial letter, amid APP fraud reimbursement controversy and mandate to reduce FCA–PSR regulatory overlap

Published on: 20 November 2024

Published by an LexisNexis Financial Services expert

Legal News

Article summary

Britain’s payments watchdog seems to have been given a fresh competitiveness brief, despite it not having gone through the usual parliamentary scrutiny. In a 14 November 2024 letter to the PSR, Finance Minister Rachel Reeves attacked clutter and duplication across payments oversight. She further indicated she expects the PSR to take into account the government’s plan to foster growth and international competitiveness. Unlike the Financial Conduct Authority (FCA), the PSR lacks a defined aim to further UK growth and international competitiveness. The FCA’s competitiveness aim is secondary, sitting beneath its primary goals of safeguarding consumers and ensuring market integrity. Although this steer is not as clear-cut as the FCA’s statutory duty to enable the UK’s international competitiveness and growth over the medium to long term, it nonetheless seems to shift the PSR’s parameters. This arrives after months of discontent from fintechs about fraud reimbursement rules. The government published its National Payments Vision on 14 November 2024. It stated it expects the regulators to reflect on their combined burden on regulated firms and how that could be eased. It also took issue with areas of duplication between the FCA and the PSR, calling for clearer coordination and fewer overlapping supervisory demands...

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