The update follows a midpoint review of the strategy which was originally published in 2022.
Key strategic focus areas for the regulator:
- Continuing to drive forward current projects focused on promoting competition and innovation, and protecting consumers such as working with industry to embed APP fraud directions following the introduction of reimbursement requirements in October 2024;
- Reforming Pay.UK and upgrading retail payments infrastructure to improve system capabilities and reduce financial crime; and
- Increasingly emphasise promoting innovation and competition in the payments system in support of economic growth.
✅ Firms regulated by the PSR should ensure they maintain robust fraud control frameworks and risk management systems to prevent APP fraud, in line with the regulator's strategic priorities.