Starmer lashes out at "hiding behind regulators", as PSR axed

Government plans to abolish the Payment Systems Regulator and merge it in fully with the FCA are leading to speculation that budget changes could also hit the Financial Ombudsman Service.

By Neasa MacErlean

The PSR and its 160 staff will lose their separate identity when legislative time is found to transfer its powers to the Financial Conduct Authority. The PSR already operates from within FCA premises in Stratford, East London and its current director, David Geale, is an FCA director.