Role of the PSR
The PSR has established the Forum to identify strategic priorities and undertake strategic coordination in a way which advances the PSR’s statutory objectives.
The PSR will attend all Forum meetings as observer and actively support the Chair where guidance is required in relation to its objectives.
It also provides the secretariat to the Forum.
Role of Other Regulators
Interaction between the Forum and other relevant regulators is important. These include the Financial Conduct Authority (FCA), the Bank of England (BoE), and the Prudential Regulation Authority (PRA).
The regulators have different mandates in relation to payment systems and services in the UK. Given its focus on payment systems and services, the discussion of the Forum and any resulting strategies that it produce may have implications for any or all of the regulators’ objectives. So it is essential that the regulators work together from the outset in their involvement with the Forum.
In addition, the regulators will be able to provide insight and expertise to help inform the Forum’s discussions, given their close work with stakeholders.
The BoE, the PRA and the FCA will observe meetings and provide guidance to the Chair in relation to their objectives, in consultation with the PSR.