Payment Systems Regulator Annual Report and Accounts 2015/16

This is our second annual report. It covers our activity in 2015/16, our first operational year, and reports on how we have met the aims and priorities we set out in our 2015/16 Annual Plan and Policy Work Programme.

In 2015/16 we developed ways to measure our performance and be open and transparent about how much we'd achieved. We also focussed on continuing to build a strong organisation and delivering our objectives: promoting completion, promoting innovation and promoting the interests of service-users.

Some of the significant milestones we reached include:

• The setting up of the Payments Strategy Forum and the Payments Community
• Publication of our summary on the regulatory directions on access and governance in our Access and Governance report
• The publication of our concurrent competition guidance, giving us a framework for competition investigations
• The publication of two interim reports assessing the supply of indirect access, and the supply of and competition in provision of payment system infrastructure, in line with our projected timeline
• Implementation of the Sponsor Bank Code of Conduct which should improve the service quality and clarity about services for PSPs
• Publishing guidance on the implementation of the first phase of IFR provisions in the UK
• Consulting on proposals for designating alternative account switching schemes

What this document contains

As well as a summary of the work we completed in 2015/16, as set out above, the Annual Report also includes:

• A summary of our business model and operating costs
• An overview of the risks we face as an organisation
• Director's report
• A corporate governance statement
• A director's remuneration report
• Financial statements

Further information

• 2016/17 Annual Plan & Budget setting out our work and aims for the year ahead
• The PSR Panel has published its first annual report
• Perceptions research conducted by BritainThinks
• Our response to the perceptions research
• In July 2015 we published our first annual report which set out the work we completed in 2014/15 to ensure we were ready to regulate by 1 April 2015, our first day of operation.
• PSR Annual Report 2015/16 - factsheet