UK Payments Industry

HM Treasury Consults on Reform of UK Payments Industry

On July 19, HM Treasury published a consultation paper on the future regulation of the UK payments industry. The payments industry is central to the functioning of the economy, but the government believes it has not always responded effectively to the needs of consumers. The consultation paper details three options for reforming the regulation and governance of payment networks. The government’s preferred option would be to create a new public body called the Payments Strategy Board (PSB), which would set the strategy across the industry. This would be overseen by the Financial Conduct Authority and funded through a levy collected by the new regulator. The government will accept comments on its proposals until October 10. Consultation paper.