FCA and PSR drive UK's National Payments Vision through collaboration
David Geale of the Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR) outlined the regulators' role in delivering the UK's National Payments Vision. Speaking at the Payments Regulation and Innovation Summit 2026, he emphasized fostering innovation, competition, and security in the payments sector.
Building a trusted and future-proof payment system
The National Payments Vision aims for safe, accessible, and high-value payment services meeting user needs.
With 1,500 payments per second in the UK last year, these services are fundamental to the economy.
The FCA and PSR, collaborating with the Bank of England and Treasury via the Payments Vision Delivery Committee (PVDC), seek to maximize collective impact.
The vision also drives growth, as UK payment systems moved £107 trillion in 2023, 44 times GDP, fostering innovation and economic expansion.
Furthermore, it enhances resilience, ensuring dependable systems in a volatile digital world.
Resilience stems from diverse, interoperable payment options that promote competition and innovation.
The ultimate goal is a future-proof system adaptable to scale, complexity, and change.
Collaboration over consolidation for payments evolution
David Geale emphasized the FCA and PSR's collaboration as an "evolution, not a revolution," dispelling consolidation commentary.
Both are committed to the National Payments Vision, having delivered significant changes together.
Joint efforts include driving Open Banking adoption, now with over 16 million active users, supporting faster, cheaper payments.
A roadmap for Open Finance rollout is expected by next month.
Account-to-account payments are a priority, with Variable Recurring Payments (VRP) framework in place.
The APP fraud reimbursement scheme has returned £112 million to victims, with 88 percent of claims reimbursed and volumes down 15 percent.
This demonstrates strong functional coherence despite ongoing legal consolidation processes.
UK's ambitious payment future takes shape
The UK is positioning itself as a leader in payments innovation, actively embracing new technologies like stablecoins and AI.
This forward-looking approach is carefully balanced with strong regulatory oversight and consumer protection.
The speech underscores a clear commitment to building a resilient, interoperable, and trustworthy payments ecosystem for the future.