FCA executive details balanced approach to innovation and consumer safety
David Geale, executive director at the Financial Conduct Authority (FCA), outlined the regulator's strategy for fostering growth and innovation while maintaining robust consumer protection. At the MoneyLIVE Summit 2026, he detailed the consolidation of the Payments Systems Regulator (PSR) into the FCA and a shift towards outcomes-based regulation.
PSR integration streamlines payments oversight
The Financial Conduct Authority (FCA) welcomed the government's intention to consolidate the Payments Systems Regulator (PSR) into its structure, aiming to simplify external engagement.
David Geale explained that the PSR's focus on payment system infrastructure and the FCA's on service delivery, while complementary, are now evolving due to the intertwined nature of the ecosystem.
This consolidation seeks greater coordination, clearer responsibilities, and smoother delivery for firms, offering a unified view.
A phased transition has seen many PSR colleagues move to the FCA, creating a new organizational structure.
A joint payments horizon scanning team ensures aligned priorities, allowing for a combined work program.
Geale stressed that the PSR's work remains central to the FCA's mission, supporting competition, access, and innovation to drive growth and smarter regulation.
Simplifying rules, strengthening safeguards
The FCA is streamlining rules and rebalancing risk through an outcomes-focused approach.
For mortgages, clarifying requirements allowed 85 percent of lenders to offer more to borrowers, supporting increased first-time buyer borrowing while maintaining safeguards.
The FCA also proposed removing the £100 contactless payment limit, enabling firms to set their own limits from this month, contingent on strong fraud controls and consumer reimbursement for unauthorized fraud.
Open Banking is accelerating, with a roadmap for Open Finance to be published this month.
The FCA is also building a proportionate crypto regime, with final rules due this summer and a gateway opening in September.