Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to the Prime Ministers' press release entitled, Regulator axed as red tape is slashed to boost growth, published on 11 March 2025, whether (a) services and (b) offices are shared between the Payment Services Regulator and the Financial Conduct Authority.

The Payment Systems Regulator (PSR) has carried out important work to support the UK’s world leading payments sector. However, moving forward, the Government wishes to see a more streamlined regulatory environment with minimal overlap between regulators’ responsibilities. That is why the Government has announced its intentions to consolidate the PSR and its functions primarily within the Financial Conduct Authority (FCA). The Government will consult on the detail of this proposal in the summer and legislate as soon as possible.

These questions are matters for the Financial Conduct Authority (FCA), which is independent from Government. The FCA will respond to the Honourable Member by letter, and a copy of the letter will be placed in the Library of the House of Commons.