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Evening Standard
Evening Standard
Holly Williams

Payment systems watchdog to be axed under move to cut ‘stranglehold’ on firms

the Financial Conduct Authority Rachel Reeves Sir Keir Starmer FCA
The UK’s payment systems watchdog is set to be scrapped in the Government’s latest move to cut red tape as the Chancellor pledged to end the “stranglehold” on British businesses. (Alamy/PA) -

The UK’s payment systems watchdog is set to be scrapped in the Government’s latest move to cut red tape as the Chancellor pledged to end the “stranglehold” on British businesses.

The Payment Systems Regulator (PSR), which looks after payment systems like faster payments and Mastercard, will be disbanded and merged within the Financial Conduct Authority (FCA).

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