On 18 December 2023, the Payment Systems Regulator (PSR) published a consultation paper, CP23/12, on expanding variable recurring payments (VRPs). In CP23/12, which has been published alongside a progress update from the Joint Regulatory Oversight Committee (JROC), the PSR is consulting on changes to Faster Payments to enable a phased expansion of VRPs.

In particular, the PSR is seeking industry views on how Faster Payments can be rolled out to support the low risk use cases that it is proposing. The consultation is relevant to the payments industry, payment service providers and firms operating in the sectors that will be covered by the use cases.

The consultation closes on 2 February 2024. The PSR says it will then analyse responses and provide updated policy proposals for consultation in Q2 2024.