12 January 2015
A New UK Payments Regime
In 2014 Finextra conducted a survey, targeting financial institutions in the UK to gauge opinion on areas that the new Payment Systems Regulator (PSR) will have within its remit from April 2015. We sought a snapshot of what the industry thinks about existing UK Faster Payments access arrangements and measures that have and could be taken to improve competitiveness in the retail banking sector.
We received 117 responses from across the UK, representing 72 different financial groups. Where there were multiple respondents from an organisation they represented different divisions within the group, or different levels of management. 54.7% of respondents represented a retail bank or building society. The entire population of respondents represents a broad cross section of organisations that will be impacted by changes to UK payments and retail banking regulation.
With a new regulator coming into action for the UK payments industry and increased focus at multiple government and industry levels on the issue of competition, this is an uncertain time.