The Payment Systems Regulator has launched a consultation on a targeted regulatory financial reporting remedy requiring Mastercard and Visa to submit disaggregated profit and loss accounts for their UK card operations. The aim is to improve supervisory oversight and monitor scheme profitability following concerns over rising fees and limited competition.

A recent PSR review found evidence that scheme and processing fees have increased significantly without clear cost justification, suggesting that profit margins may be higher than expected in a competitive market. The regulator concluded that Mastercard and Visa do not face effective competition in the UK card payments sector.

Under the proposals, Mastercard and Visa must provide a UK-specific P&L statement with relevant disaggregation and contextual information by July 3, 2026. Stakeholder submissions are open until that date, with the PSR planning to issue final decisions on information transparency and pricing governance remedies this summer.

The enhanced transparency requirement could reveal detailed insights into UK profit margins and cost structures, potentially reshaping investor perceptions of regulatory risk. If the data confirm excessive fees or poor outcomes for businesses and consumers, further interventions or fee caps could follow.