Payment Systems Regulator to give evidence to Financial Services Regulation Committee
Tuesday 11 February 2025
At 10.05am on Wednesday 12 February, the House of Lords Financial Services Regulation Committee will hear evidence from David Geale, Interim Managing Director of the Payment Systems Regulator (PSR).
This session, which is open to the public, will be held in Committee Room 3 of the House of Lords and streamed live and on demand on Parliament TV.
Questions the committee is likely to ask in this session include:
- Has the remit overlap of the PSR on payments infrastructure with the FCA, CMA, and Bank of England, led to duplicated compliance costs and delayed delivery of reform such as Open Banking?
- What three reforms will the PSR take forward, or what trade-offs with its ‘service user’ objective could the UK make to support competitiveness and facilitate growth in payment services?
- Is there a ‘regulatory premium’ on investment into the UK’s financial services sector?
- Is the burden of regulation and supervision in the UK disproportionately heavy on smaller firms, which acts as a ceiling on their ability to scale-up in the UK?
- How does the PSR use cost-benefit analyses to enhance its policy and decision making?
More about the Financial Services Regulation Committee
The Financial Services Regulation Committee was created in early 2024 following the passing of the Financial Services and Markets Act 2023 which repealed retained EU law for financial services and established a new framework for the regulation of financial services in the United Kingdom.
The committee is chaired by Lord Forsyth of Drumlean. Its members are: Baroness Bowles of Berkhamsted; Baroness Donaghy; Lord Eatwell; Lord Grabiner; Lord Hill of Oareford; Lord Hollick; Lord Kestenbaum; Lord Lilley; Baroness Noakes; Lord Sharkey; Lord Smith of Kelvin; and Lord Vaux of Harrowden.
The committee’s work can be followed on its website
