PSR regulatory timetables impacted by COVID-19

The Payment Systems Regulator (PSR) has revealed its annual plan and budget, underlining key aims and activities for the year 2020/21 alongside expected costs, however the plans are likely to be impacted by uncertainty caused by the COVD-19 global health crisis. 

The group’s annual plan, drafted before the uncertainty caused by COVID-19, sets out the regulator’s expectations, priorities and planned work. Much of the work described will continue, although it will likely be undertaken on an adjusted timetable. 

The company assured stakeholders it will continuously review its work to ensure it is focusing on the right things and adapting its approach to meet the challenges presented by COVID-19.

The PSR also emphasised it recognises that it is essential to allow organisations to focus all their efforts on supporting customers as best as they can at this difficult time. 

Chris Hemsley, Managing Director of the PSR, said: “With people and businesses having to adapt their ways of working in light of the COVID-19 pandemic, it will be even more important that we keep pace with the significant developments and challenges we are all facing.

“This means our work plan will adapt as the year progresses and we’ve already made some key decisions to make sure organisations are able to focus on delivering key services to their customers effectively and securely.

“This year, we’ll continue to make sure that changing economic demands and the UK’s payment systems landscape delivers a future that works well for everyone.”

A careful assessment of the firm’s requirements has been undertaken and, where appropriate, it has acted to extend certain deadlines – especially where regulatory requirements may distract firms from the immediate priority of dealing with the impacts of COVID-19.

It did however, underline the importance of payments to daily life and, as technology, retail habits and the economy change, so the PSR’s role remains imperative.