The Government has confirmed its plans to axe the UK payments watchdog to reduce burdens on business. It follows criticism from businesses that the regulatory environment was too complex - with payments firms having to engage with three different regulators, costing them time, money and resources. The move to abolish the regulator is the latest step in the government’s efforts to kickstart economic growth.
In a Government press release, Chancellor, Rachel Reeves, said:
“The regulatory system has become burdensome to the point of choking off innovation, investment and growth. We will free businesses from that stranglehold, delivering on our Plan for Change to kickstart economic growth and put more money into working people’s pockets.”
The Government’s announcement will not result in any immediate changes to the Payment Systems Regulator’s remit or ongoing programme of work. The regulator will continue to have access to its statutory powers until legislation is passed by Parliament to enact the change.
Read more:
Regulator axed as red tape is slashed to boost growth - GOV.UK
