Mike Gapes MP attended a parliamentary event in July hosted by the world’s first dedicated economic payments regulator, the Payment Systems Regulator (PSR).
Mike spoke with the PSR about its work to promote competition, innovation and protect the interests of those who use payment systems. The independent, statutory body outlined the work it has been doing to improve the way the payments industry operates in the UK. This includes opening up the market to greater competition by improving access to payment systems for new service providers, which ultimately leads to a greater choice of innovative products and services and better value for money for consumers.
Mike was particularly keen to discuss the PSR’s work to address key issues such as protecting the current geographic spread of free-to-use ATMs across the UK and driving industry action to protect people against authorised push payment scams where a consumer is tricked into paying a fraudster. The work on preventing these scams and developing new consumer protections will bring real benefits to consumers from September.
The Economic Secretary John Glenn attended the event, which was sponsored by Lyn Brown MP, Shadow Treasury Minister.