The section was established to promote PSR compliance, which has grown in significance as the regulator utilizes its authority to combat payment fraud, expand choice, and foster competition. The division's efforts to discourage and confront unethical business practices will benefit all those who utilize payment systems.

What does the PSR suggest doing?

With the companies it oversees, the PSR will establish strong, long-lasting relationships through oversight and consistent involvement. The PSR's supervision will be grounded in empirical data, and it will follow its mandate and the regulatory framework that oversees its operations.

The PSR's regulatory relationship with payment system operators, including Pay.UK, Visa, and Mastercard, will be the main area of attention.If other sorts of firms are needed, this may change over time.

The administration of the PSR's connections with supervised enterprises will fall under the purview of the supervisory team. This will supplement rather than replace any of the PSR's current functions.

In accordance with its strategic priorities and legislative purposes, the PSR is proposing to furnish supervised enterprises with a set of principles that delineate regulatory expectations. It anticipates that these guidelines will be utilized flexibly, considering the objectives and requirements of various firms.

When assessing the effects of policy measures and doing the PSR's horizon scanning, supervision will be an invaluable resource.

The PSR intends to collaborate with other regulatory bodies to prevent redundant efforts and, whenever feasible, enhance the effectiveness of its regulatory practices.

Oliver Hanmer, the PSR's Head of Compliance Monitoring and Supervision, stated:

"The PSR is specifically responsible for overseeing payment systems and the companies that run them. We want to be clear in our expectations and in holding regulated entities accountable for them through our supervision activity.

Effective connections between the regulated and the regulator, along with an open line of communication, are the foundation of good supervision. These connections aid in enhancing our comprehension of the payments industry and guarantee that the regulations we enact are appropriate and focused.