The Fee Methods Regulator (PSR) has printed its annual plan and finances, setting out its key goals for 2020/21.
The plan was drafted earlier than the uncertainty brought on by COVID-19. In accordance with PSR, the work described will proceed, maybe in numerous methods with a revised timetable.
Chris Hemsley, Managing Director of the PSR, stated: “With individuals and companies having to adapt their methods of working in gentle of the COVID-19 pandemic, will probably be much more necessary that we maintain tempo with the numerous developments and challenges we’re all going through.
“This implies our work plan will adapt because the yr progresses and we’ve already made some key selections to ensure organisations are in a position to deal with delivering key providers to their clients successfully and securely.”
The regulator has assessed its necessities on the organisations it regulates and the place applicable, has acted to increase sure deadlines. It has primarily prolonged deadlines the place its regulatory necessities could distract companies from the fast precedence of coping with the impacts of COVID-19.
Nonetheless, PSR has emphasised that funds are a necessity in on a regular basis life and can proceed to be throughout this unsure time.
In accordance with the regulator, one of many largest challenges within the funds panorama is Pay.UK’s improvement of the New Funds Structure (NPA). NPA is a basic overhaul of the way in which UK interbank funds will function.
All through 2020, PSR has promised to ensure Pay.UK meets its necessities for the NPA in order that funds sooner or later profit from extra competitors and innovation.
As well as, PSR is on the forefront of a debate on money, and methods to transition to a digital financial system. Nonetheless, it additionally notes that many individuals nonetheless need and want to make use of money. PSR is working with the FCA to take a look at what options may work for individuals in 5 or ten years.
Hemsley added: “This yr, we’ll proceed to make it possible for altering financial calls for and the UK’s fee methods panorama delivers a future that works effectively for everybody.”