We are the UK's regulator for designated payment systems. It’s crucial that firms know what we expect and understand the rules that apply to them. We monitor industry compliance with our requirements, and where we identify a risk to or impact on service users and participants, we act quickly and proportionately to put things right.

Our dedicated Compliance Monitoring team wants to build good relationships with industry and help businesses understand their obligations. We welcome input and engagement to shape our views and to make sure our priorities remain the right ones.

We take a proactive approach to make sure businesses understand their obligations. We aim to ensure firms are following our rules and directions to deliver the right benefits to end users of payment systems.

Help and guidance

You can find information and guidance about complying with our directions through the links below.

We expect you to notify us, as quickly as possible, about any issues which we would reasonably consider relevant, as outlined in General Direction 1. The easiest way to contact the Compliance Monitoring team is by emailing us at ComplianceMonitoring@psr.org.uk.

If you are unsure about your firm’s responsibilities under a specific or general requirement or regulation that we have responsibility for, you should seek legal advice.

How we ensure firms comply

We want to ensure firms comply with the requirements we oversee. We aim to achieve this in three stages:

Assessment: The Compliance Monitoring team evaluates whether firms are complying with our directions and other regulatory requirements.

Intervention: Where we identify potential non-compliance, our Compliance Monitoring team applies our regulatory toolkit and engages directly with individual firms to drive improvement.

Escalation: If we have intervened with a firm and we think the impact on service users is either ongoing or could be significant, the Compliance Monitoring team may escalate the issue to the Enforcement team for potential regulatory action.

It is important that firms comply with our specific and general directions and requirements and other obligations we enforce compliance with. We take non-compliance very seriously. If you are concerned that your firm may be non-compliant we expect you to be open with us. You must contact us as soon as possible.

Report a concern

If you are concerned that your firm may be in breach of any of our directions or regulations, you have an obligation under General Direction 1 to report this to us as soon as possible. You can also report conduct from other firms which you believe to be non-compliant. Email the Compliance Monitoring team directly at ComplianceMonitoring@psr.org.uk.

If you are an employee concerned about your employer’s conduct, first read the FCA’s guidance on whistleblowing which explains:

  • how to be a whistleblower
  • the law and your rights
  • how we use whistleblowing information

You can use the whistleblowing procedures at your own workplace or contact us via the FCA’s Intelligence Department.

Get in touch

To contact the team, please email ComplianceMonitoring@psr.org.uk or write to us at:

Compliance Monitoring team
Payment Systems Regulator
12 Endeavour Square
London E20 1JN