PSR Strategy Consultation Response from CMSPI28th September 2021
In June 2021, the Payment Systems Regulator (PSR) published its strategy paper for consultation. This paper outlined the strategy which would inform the PSR’s policy over the next five years. The paper lists the key outcomes the PSR wants to see within the UK payments market as well as any priorities and actions that would lead to these outcomes being realised.
Although there are a number of outcomes listed within the strategy paper, the key outcome of interest for merchants relates to competition. CMSPI welcomes the PSR’s shift in focus towards fostering competition between payment systems as opposed to competition within payment systems. However, the PSR fails to outline any tangible measures it will take to achieve this. CMSPI’s consultation response focuses on the actions the PSR should take to ensure robust competition between payment systems as well as measures to prevent further harm suffered by merchants due to the lack of competition.