Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what estimate her Department has made of the cost of merging the Financial Conduct Authority and the Payment Systems Regulator.

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.

The Payment Systems Regulator is funded by fees levied on industry.