🇬🇧 United Kingdom: Payment Systems Regulator Eliminated to Simplify Procedures

🇬🇧 United Kingdom: Payment Systems Regulator Eliminated to Simplify Procedures

The UK government has announced the dissolution of the Payment Systems Regulator (PSR), as part of a strategy to reduce bureaucracy and improve efficiency.

➡️ The PSR’s responsibilities will be transferred to the Financial Conduct Authority (FCA), streamlining the process for fintech companies that previously had to navigate three separate regulatory bodies.

➡️ When will the change take effect? Although the transition is already in progress, the new legislation must still be approved by Parliament before it is officially enacted.

➡️ This reduction in regulations is part of a broader government strategy to promote growth and review other regulations in sectors such as energy and the environment.

#news #Europe

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