Government responds to payments regulation consultation
Summary
The recent publication of the government’s Payments Regulation and the Systemic Perimeter: Consultation Response concludes its consultation on proposed reforms to the regulatory frameworks for both the Bank of England (BoE) and the Payment Systems Regulator (PSR) in respect of the payments sector.
In the document, the government states that it received 23 responses from a range of financial services organisations, including payment services and e-money providers, payment system operators, and trade and business associations.
The government confirms that it remains committed to progressing reforms to the BoE’s and the PSR’s statutory perimeters over payments. The response summarises feedback received and outlines the government’s proposed approach to enabling its reforms through primary legislation, when future parliamentary time allows.
The document also provides updates on the government’s commitment to enabling rule-making and direction-making powers for the FCA and the PSR over retained EU payments law, in line with the government’s previously stated approach to enabling a Smarter Regulatory Framework for financial services.
Finally, the document provides an update on the remit of the Senior Managers & Certification Regime in relation to payments, noting the government’s ongoing wider review of the regime.