Starmer Axes UK Palests Dysstdog as part of the anti -regulatory drive

Be aware of free updates

Just subscribe to Financial regulation of the UK Myft Digest – delivered directly to the mailbox.

Sir Keir Starmer, as part of his desire to increase growth, to increase UK growth, will be canceled as part of his desire to increase the growth by canceling or merge in some country’s patch about 130 regulators.

The Prime Minister said his decision to reduce the regulator of payment systems and combining his activities with the financial behavior body will help reduce the overlapping and difficulty in the UK regulation system and stop it as a block on innovation, investment and growth.

“For too long, the previous government was hiding behind the regulators – postponing the solutions and allows the rules to shake and block significant growth in this country,” Starmer said on Tuesday.

But his choice of PSR, which has 160 employees and already actions of senior staff and office with the FCA, is a sign of problems with which Starmer faced in meaningful regulation.

Starmer ordered ministers to audit all regulators to find out which authorities can be overcome. “It wasn’t as easy as they thought,” said one senior government official.

According to the officials, the Prime Minister will not name other victims of his regulation if he speaks a speech to create a more “agile state”, officials said.

The PSR, which has a 28 million pound budget for the current fiscal year, will be combined with the FCA as soon as the government has adopted the primary legislation to adopt a change. The UK’s financial regulator will retain the powers of the payment agency after the merger, the government said.

Some officials doubt whether there will be a devastating and time -consuming process of the official cancellation of PSR if it is already operating by a subsidiary of FCA.

PSR is located in the same FCA -headquarters in Stratford, Oriental London. Since last year, the guards on the payments were headed by David Gayle, the director of the FCA. Over the past few months, the government has also been more responsible for paying FCA.

Charles Rendel, a former FCA chairman, said the merger of the regulators “could be pleasant for the crowd” for the government, but he added: “I don’t think it will pay for the life of this parliament.”

“It suggests organizational processing, which can mean two years when little is done, but in the end people do the same thing, putting different badges,” said Rendel, who is now a senior consultant at Sloys and May.

In recent years, the enterprises have complained about several PSR decisions, while its critics have noted that several other countries have separate guard payments.

Created in 2013 to encourage innovation and competition in the sector, PSR suffered a backlash for how last year introduced a mandatory money back system for fraud with payments.

The regulator suggested that banks repay the victims of fraud up to £ 415,000. Strong lobbying eventually made him retreat, reducing the threshold to 85,000 pounds in eleven o’clock.

Last week of visa and revolution provided legal problems Contrary to PSR, claiming that this has exceeded its powers proposed by an international transaction.

James Daleya, Head of the Fairner Finance Consumer Group, said the PSR “was widely criticized as a regulator” and it “will not be such a jump” so that most of its activities were made in the FCA.

John Glenn, the city minister, under the previous conservative government, said he sympathized with the desire to reduce the number of regulators, but warned: “All changes bring a long gap from the violations, which is rarely useful.”

The UK government said the PSR will still have access to its statutory powers until the legislation on combining it with the FCA.

St. In January, the ministers pushed the chairman of the competition and the markets after the decision that he was not focused on growth.

Ministers also push the changes in the financial ombudsman service, which appeals to consumers’ complaints to the sector and set fire to the fact that the regulation is too quickly. Recently Executive Director FOS and his chair is Of -wit care down This summer.

Chancellor Rachel Reivz said the cancellation of the PSR was part of a broader desire for free business with a “strangling” regulatory system that “became burdened to retreat from innovation, investment and growth.”

Nikil Rati, the FCA Executive Director said that the association of two regulators was “the next step after the recent work on improving the coordination and expression on the issues of normative duties.”

PSR said: “The legislation will take time, but we do not need to wait to realize the benefits of an even more orderly regulatory approach.”