PSR papers set out scope for Payments Strategy Forum
The UK’s Payment Systems Regulator has published a series of papers describing its work on the creation of the Payments Strategy Forum, the body it is creating under independent leadership to bring together regulators, industry and users.
The first Forum meeting is expected to be held in the autumn. In the meantime, the PSR is in the process of selecting an independent chairperson – the published timeline show that an announcement is imminent and that members are now being recruited.
The papers published today cover meetings held so far this year on the Forum’s terms of reference, objectives and scope, how it will interact with authorities and the selection process of the chairperson.
They also show some of the feedback the PSR has received through its working croups and consultation exercises, notably on its relationship and engagement with other regulators such as the Bank of England and Financial Conduct Authority, bot of which have power of veto over the PSR.
Last week, Hannah Nixon (right), managing director of the PSR, said that the promotion of innovation is one of the functions of her organisation, Nixon was speaking at a conference in London organised by techUK and the freshly renamed Payments UK – the industry organisation formerly known as the Payments Council that was replaced by the independent PSR.
“Payments are changing faster than ever before, but there is little innovation in the underlying infrastructure,” said Nixon.
The documents can be downloaded from the PSR website.