Treasury is consulting on payments regulation and the systemic perimeter. The paper looks at how BoE currently applies the regulatory perimeter over payment systems and how it should approach reform. It also looks at:
- how the government thinks the payments regulatory framework fits the outcomes of its financial regulatory framework review: in particular the rationale for expanding the BoE’s supervision of systemic risk relating to payments beyond what is currently covered in the Banking Act, and what an amended regulatory perimeter would look like;
- how the SMCR should be applied to payments and providers additionally brought within the perimeter; and
- changes to the current regulatory framework of the PSR
Consultation closes on 11 October.