In September 2023, the PSR published our letter to Pay.UK setting out the result of our latest assurance point.

Since then:

  • regulatory processes remain ongoing;
  • the Government announced that it will consider the role of the NPA as part of the National Payments Vision;
  • in response, Pay.UK has paused the programme.

This has led to a significant delay to the earliest date by which FPS would be replaced. FPS will now be operational for longer than originally expected. Reflecting this, we have recently asked Pay.UK to provide us with information that we will use to inform our approach to investment in the current FPS system. This delay also means that we need to consider the implications for the Specific Direction 3 deadline of 1 July 2026, and will be continuing to engage with Pay.UK on this matter.

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