Schedule 7: Accountability of the Payment Systems Regulator Paragraph 3: Regulatory principles of the PSR
Paragraph 3 amends paragraph (c) of section 53 of FSBRA 2013 to embed the UK’s net zero target into the regulatory principles of the PSR, by confirming that the sustainable growth principle to which the PSR must have regard includes consistency with contributing towards achieving compliance with the targets made by the Secretary of State under the Climate Change Act 2008 and Environment Act 2021. The PSR determines whether the exercise of its functions is relevant to the need to contribute to the net zero target and the environmental targets made by the Secretary of State. Where the PSR determines that the function is relevant, the PSR must have regard to the regulatory principle in section 53 of FSBRA 2013.