Recommendations on payments regulation for the Financial Conduct Authority and Payment Systems Regulator: November 2024
The Payment Systems Regulator (PSR) and the Financial Conduct Authority (FCA) have published a joint discussion paper setting out their proposed approach to regulating payments in the UK. The paper seeks to address the challenges and opportunities presented by the rapidly evolving payments landscape, including the growth of new technologies and the increasing use of digital payments.
The paper sets out a number of key proposals, including:
- A new regulatory framework for payment systems that would be overseen by the PSR. The framework would set out clear rules and standards for payment systems, and would give the PSR powers to enforce these rules and standards.
- A new set of competition rules for payment systems that would be enforced by the FCA. The rules would be designed to promote competition and innovation in the payments market, and would prevent payment systems from abusing their market power.
- A new consumer protection framework for payment services that would be overseen by the FCA. The framework would set out clear rules and standards for payment services, and would give the FCA powers to enforce these rules and standards.
The PSR and FCA are seeking feedback on their proposals from stakeholders, including payment systems, banks, other financial institutions, businesses, and consumer groups. The consultation period will close on 20 January 2023.
The PSR and FCA will consider the feedback received and will publish a final report setting out their final recommendations in 2024.
The proposed changes to payments regulation are a significant development and could have a major impact on the payments market in the UK. The changes are designed to address the challenges and opportunities presented by the rapidly evolving payments landscape, and to ensure that the UK payments market is competitive, innovative, and safe for consumers.
Key points
- The PSR and FCA have published a joint discussion paper setting out their proposed approach to regulating payments in the UK.
- The paper sets out a number of key proposals, including a new regulatory framework for payment systems, a new set of competition rules for payment systems, and a new consumer protection framework for payment services.
- The PSR and FCA are seeking feedback on their proposals from stakeholders.
- The consultation period will close on 20 January 2023.
- The PSR and FCA will consider the feedback received and will publish a final report setting out their final recommendations in 2024.
- The proposed changes to payments regulation are a significant development and could have a major impact on the payments market in the UK.
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