Starmer axes UK payments watchdog as part of anti-regulation drive

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British payments will be canceled by Sir Kerr Starmer as part of his engine to enhance growth by canceling or merging some of about 130 organizers in the country.

The Prime Minister said that his decision to cancel the regulator of payment systems and integrate its operations with the authority of financial behavior will help reduce interference and complexity in the regulatory system of Britain and stop it as a bloc on innovation, investment and growth.

Starmer said on Tuesday: “For a long time, the previous government hidden behind the organizers – the decisions of the decisions, allowing the regulations to swell and prevent meaningful growth in this country,” Starmer said on Tuesday.

But his choice of PSR, which includes 160 employees and is already participating in senior employees and an office with FCA, is a sign of the challenges that Starmer faced in organizing the back.

Starmer asked the ministers to conduct a review of all organizers to know the bodies that can be embedded. One of the senior government officials said: “It was not easy as they thought,” said one of the senior government officials.

The Prime Minister is not expected to mention other victims of his organizational operation when he delivers a speech on the establishment of a “more graceful country” later this week, according to officials.

PSR, whose budget is 28 million pounds for the current fiscal year, will be integrated with FCA as soon as the government issues basic legislation for the age of change. The government said that the UK’s financial organizer would retain the authorities of the Payments Agency after the merger.

Some officials doubt whether the sabotage and time consuming the PSR clearance is worth it when it is already valid for a FCA company.

PSR is located at the same headquarters for FCA in Stratford, East London. Since last year, payment defender David Jill has led the FCA director. The government also gives more responsibility for payments to FCA in the past few months.

Charles Randel, the former FCA leader, said that the integrated organizers “may be something that raises a crowd of crowds”, but added: “I do not think it will lead to recovery in the life of this parliament.”

“It is assumed that a regulatory reformulation may mean two years in which little is done, but in the end people do the same while wearing different badges,” said Randel, who is now a great consultant at Slaughter and May’s law.

Companies have complained about many PSR decisions in recent years, while their critics indicate that a few other countries have separate payments.

It was created in 2013 to encourage innovation and competition in the sector, PSR suffered from a violent reaction about the way in which a mandatory recovery system was provided for fraud in payments last year.

The proposed banks will have to pay the fraud victims to 415,000 pounds. In the end, heavy pressure forced her to decline, and lower the threshold to 85,000 pounds at eleven o’clock.

Last week, visa and revolution The legal challenges provided Against PSR, on the pretext that it exceeded its powers through the maximum proposed on international transactions fees.

James Dali, head of the Consumer Group, said that PSR was “widely criticized as an organizer” and will not “a jump like” for most of its activities in FCA.

John Glen, the city minister under the previous governorate government, said that he sympathizes with the desire to reduce the number of organizers, but he warned of “all change brings a long delay in the turmoil, which is rarely beneficial.”

The UK government said that PSR will continue to reach its legal powers until the legislation is passed to be integrated with FCA.

Starmer wrote to many organizers late last year, and asked them to propose pro -growth measures. In January, the ministers pushed the chair of competition and markets authority after he decided that he did not focus sufficiently on growth.

The ministers are also pushing to change the service of the Secretary of Financial Grievances, which holds consumers complaints about this sector, and has been subjected to quick criticism for being quickly in the re -interpretation of the organization. FOS CEO recently resigned and chaired Because of the step down This summer.

Chancellor Rachel Reeves said that the cancellation of PSR was part of a broader campaign to liberate business than “strangling” the regulatory system, which “has become exhausted to the point of suffocation of innovation, investment and growth.”

Nijoil Rati, CEO of FCA, said that the combination of the two organizers was “the next natural step after the last work to improve coordination and clarity on organizational responsibilities.”

“The legislation will take time, but we do not need to wait to achieve the benefits of the most simplified organizational approach,” PSR said.