UK’s Payment Watchdog ‘Easy Target’ for Axing, Chief Says

The head of the soon-to-be axed Payment Systems Regulator conceded that his organization was a “reasonably easy target” as the UK government hunts for ways to slash red tape.

Prime Minister Keir Starmer announced on Tuesday the UK will fold the PSR into the Financial Conduct Authority. David Geale, the PSR’s interim managing director, said he had become aware the agency could be on the chopping block around late January, when the Chancellor of the Exchequer Rachel Reeves made it clear the Treasury was pursuing a deregulation agenda in her push for growth.