PSR Unveils Compliance Monitoring Framework

The framework sets out how the PSR monitors compliance with payments regulations and covers the compliance monitoring team’s scope, approach, monitoring activities, and engagement work.

Key aspects of the monitoring framework include:

➡️ Identification and Assessment: Obtaining monitoring data for review from sources such as regulatory reporting, whistleblowing, complaints and skilled person reports;

➡️ Action: Acting to prevent harm to end users and ensuring root causes and rectified and ongoing solutions are implemented; and

➡️ Escalation: Issues may be referred to the PSR’s enforcement team if concerns are raised about continued non-compliance or enforcement action relating to past actions are deemed appropriate.

✅ Firms regulated by the PSR should ensure compliance monitoring programmes are comprehensive with robust controls implemented where areas for remediation are identified.