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

“With the FCA and PSR in the same building, and the PSR being a subsidiary of the FCA,  it’s unsurprising that some might think the two organisations could be merged. Whilst there is definitely scope for improvement on how the PSR interacts with the industry, the Bank of England and the FCA,  the PR and FCA have fundamentally very different purposes and objectives. And combining the two organisations could potentially negatively impact the FCA, which is already stressed as a regulator.

“From our point of view the role of the PSR could actually be strengthened by incorporating the whole regulation of the payments market – not just systems - under one roof, thereby being a specialist regulator for the entire UK payments ecosystem.  This could, potentially, alleviate pressure on the FCA and the Bank of England and drive innovation.”

For further comment from Willem Wellinghoff contact the Ecommpay Press Office: 

Wendy Harrison/Clare Watson at HSL 

ecommpay@harrisonsadler.com