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Payments watchdog to be 'axed' in efficiency drive, UK government says

( March 11, 2025, 22:30 GMT | Official Statement) -- MLex Summary: The UK’s Payment Systems Regulator will be abolished under efforts to make efficiency savings, the government announced tonight, confirming expectations. The PSR will mainly be consolidated into the Financial Conduct Authority, and further measures to cut red tape will be revealed in coming days, the Prime Minister's Office said. Finance minister Rachel Reeves said: “The regulatory system has become burdensome to the point of choking off innovation, investment and growth." Legislation will be required for the government's plan. Statement follows....

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