FCA and PSR jointly respond to HM Treasury's payments regulation recommendations

The Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR) have jointly responded to HM Treasury's recommendations on payments regulation, the PSR said on 17 December 2025¹. The recommendations being answered were outlined by HM Treasury on 14 November 2024¹.

The response was published as a document on the PSR's website under the heading National Payments Vision, dated 17 December 2025 and listed at 198 KB¹. The PSR's page states:

The PSR's published page does not set out the contents of the response, the individual recommendations, or any decisions taken on them¹. It records only that the joint response exists, its date, its subject and the date of the Treasury recommendations it addresses¹. No further detail on the response, and no separate statement from the FCA or HM Treasury, has been reported in the material published by the PSR¹.

Why it matters for households

Payments regulation covers the systems households use to move money day to day, including bank transfers, card payments and the fraud refund rules that apply when someone is tricked into sending money. The Payment Systems Regulator sets rules in that area, while the Financial Conduct Authority regulates firms' conduct across financial services. Both bodies have now answered recommendations made by HM Treasury, the government department responsible for financial services law, in November 2024¹.

Because the response document itself has not been summarised on the PSR's page, what changes for consumers, and from when, is not yet reported¹. Any effect on the cost of payments, on fraud reimbursement or on how quickly transfers clear would follow from decisions taken on the recommendations, and none are set out in the published page¹. The division of responsibilities between the bodies involved is set out in the site's guide to who regulates what, and the wider framework in financial regulation in the UK.

What happens next

The PSR's page gives no timetable beyond the publication of the joint response on 17 December 2025 and the original Treasury recommendations of 14 November 2024¹. No next steps, consultation dates or implementation dates are stated¹.