Responding to today’s launch of the consultation[1] on future payment systems regulation, David Geale – FCA, Executive Director, Payments and Digital Finance and Payment Systems Regulator (PSR) Managing Director - said:
'The Government’s consultation is an important next step in simplifying and clarifying payments regulation. The consolidation will ensure there is a clear, predictable and proportionate regulatory framework that supports the UK’s dynamic and fast-evolving payments landscape. We will continue to work with the Government and sector as plans for consolidation are finalised.
We've already developed a more streamlined and joined up approach to payments regulation and removed some of the regulatory burden on firms, for example on our joint approach to open banking and our close partnership on delivering the NPV.'