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

Take a look at our video: A year in review 


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

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