Comment from Willem Wellinghoff, Chief Compliance Officer and UK Chair of inclusive payments platform, Ecommpay:

“As a global payment processor and merchant acquirer, Ecommpay acknowledges the UK Government’s commitment to streamlining regulation, simplifying the amount of regulators that companies have to manage, and fostering economic growth through its deregulatory agenda. We are overall supportive of the rationale behind consolidating regulatory oversight to reduce complexity and support the National Payments Vision.

“However, we believe that abolishing the Payment Systems Regulator (PSR) at a time when the efficacy and resilience of payment systems, as well fraud risk management, are under intense review and focus, may not be the most opportune course of action. The payments industry is evolving rapidly, and with increased scrutiny on payment services and electronic money providers, maintaining a robust and dedicated regulatory framework is critical to ensuring stability, innovation, and consumer protection in support of the National Payments Vision.

“While we support an improved and effective regulatory environment, we express concern that the Financial Conduct Authority (FCA) already operates under significant pressures. Absorbing the PSR’s responsibilities into the FCA risks adding further complexity to an already demanding agenda, potentially disrupting the ongoing development and supervision of the UK payments ecosystem with a view to kickstart growth.

“We urge the Government, the FCA, the Bank of England and the PSR, to ensure that any transition results in a more harmonised and effective approach to regulating payment systems and services that will not erode trust in the UK payments ecosystem, and enhances the regulatory agenda without introducing further challenges to industry. A strong, dedicated focus on payment regulation remains essential to safeguarding industry growth, consumer trust, and the UK’s position as a global leader in payments innovation.

“Ecommpay remains committed to working collaboratively with the Government, regulators, trade associations, and industry stakeholders to ensure that the UK payments landscape continues to thrive under a regulatory framework that balances oversight with innovation.”Comment from Willem Wellinghoff, Chief Compliance Officer and UK Chair of inclusive payments platform, Ecommpay: