Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
UK Overhauls Payment Oversight – Should Canada Follow?
Regulation | March 13, 2025
Image: UK Prime Minister's Office, 10 Downing Street
UK Government Abolishes Payment Systems Regulator (PSR)
On March 11 2025, the UK government announced they are axing the Payment Systems Regulator (PSR), a duplicative function that the Financial Conduct Authority (FCA) will absorb. The move is part of the UK's financial innovation blueprint which includes reducing regulatory complexity and stimulating economic growth. This is great news for those in support of streamlining oversight, it also prompts the question of whether Canada should also streamline how we regulate payments?
Rachel Reeves, UK Chancellor of the Exchequer, said:
"The regulatory system has become burdensome to the point of choking off innovation, investment and growth. We will free businesses from that stranglehold, delivering on our Plan for Change to kickstart economic growth and put more money into working people’s pockets."
See: Lessons for Canada from Global Leaders in Regulation
Nikhil Rathi, Chief Executive of the FCA, said:
"With a changed payments landscape, now is the right time to put in place a more streamlined regulatory framework. Doing so is a natural next step following recent work to improve co-ordination and clarity on regulatory responsibilities."
The UK's Decision to Scrap the PSR
The UK government believes that financial rules have become too complicated making it harder for businesses to grow, especially small ones. By moving the PSR’s responsibilities to the FCA, companies will only have to deal with one regulator. This will reduce red tape and make it easier for firms to comply and allow businesses to focus more on innovation and growth. Prime Minister Keir Starmer said the goal is to remove unnecessary hurdles that slow down the economy. Chancellor Rachel Reeves added that the current system discourages competition and investment.
See: Rachel Reeves: UK’s Financial Innovation Blueprint
Keir Starmer, Prime Minister of the United Kingdom, said:
"For too long, the previous Government hid behind regulators – deferring decisions and allowing regulations to bloat and block meaningful growth in this country. This is the latest step in our efforts to kickstart economic growth, which is the only way we can fundamentally drive-up living standards and get more money in people’s pockets."
But not everyone thinks this is a good idea. Some argue that the PSR was important for keeping payment systems competitive and secure. They worry that if all regulation is handled by the FCA then payment related issues might not get enough attention, leading to weaker oversight.
Should Canada Consider a Similar Move?
The UK’s decision raises the question of whether Canada should consolidate its payment regulation to reduce bureaucracy. In Canada, payment regulation is spread across multiple agencies such as the Bank of Canada, Payments Canada, the Financial Consumer Agency of Canada, and the Office of Superintendent of Financial Institutions, with provincial regulation complicating things even more. While each agency has somewhat of a different role/focus, could better coordination between agencies at a minimum not improve the efficiency and regulatory culture here in Canada? Especially given that collectively payment initiatives like open banking (consumer driven finance) and payment modernization have gone terribly slowly, creating a less than competitive environment.
see: Innovative Approaches to Smarter Regulation
Supporters argue that having one main regulator could make regulations more streamlined and easier for businesses to operate and innovate. Critics however say that having separate agencies provides better checks and balances, ensuring that consumer protection and security don’t get overlooked.
Robin Ford, NCFA Advisor:
"In my view, consolidation should improve consumer protection too, with fewer bureaucratic distractions and clearer focus. There is a huge opportunity in Canada both for streamlining of regulation and better collaboration and engagement (not forgetting provincial regulators where sub-optimal collaboration can be in effect another barrier to trade."
Final Thoughts
Canada’s payments regulation is complex, and its ability to support innovation is reduced. The UK's decision to axe the PSR and simplify its approach to payments regulation raises the question, if Canada should do the same? Time will tell as the UK's move will offer valuable insights for Canadian policymakers.
The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with fintech, alternative finance, blockchain, cryptocurrency, crowdfunding and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Sep 5, 2026 | Last Updated Sep 14, 2026 | NCFA Fintech Whisperer | Payments Infrastructure And Money Movement, Digital Assets Blockchain And Tokenization, Digital Identity And Trust, Cybersecurity Fraud And Financial Crime, Digital Banking And BaaS, Capital Markets Infrastructure And Funding, Artificial Intelligence And Data, Cross Border Payments And FX, Wealthtech Investing And Trading, Embedded Finance, Insurance And Insurtech, Lending Consumer Credit And BNPL, Open Banking Open Finance And Data Sharing, Risk Compliance And Regtech, Treasury Liquidity And Cash Management, Regulation And Policy, Data Privacy And Governance This live weekly NCFA intelligence page tracks financial technology developments that significantly affect how fintechs build, sell, raise capital, and operate under scrutiny. Coverage prioritizes Canada and includes global events that directly influence competitive conditions, market access, and execution realities across fintech sectors. This page will be updated throughout the week with market movers in a live format and then each week we'll close the prior week's contents in prep for the upcoming week, and continue on a rolling basis. (Missed prior week's Fintech Whisperer? (December 6-12, 2025, December 13-19, 2025, January 1-9, 2026, January 10-16, 2026, January 17-23, 2026, January 24-30, 2026, January 31-February 6, 2026, February 7-13, 2026, February 14-20, 2026, ...
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