Chancellor makes payment regulation recommendations

The Chancellor has written to the FCA and PSR with recommendations on payments regulation going forwards. The letter emphasises the Government’s growth agenda and the need for regulators to drive forward the Payments Vision. Specifically, it refers to:

• enhancing coordination to address “congestion” in the regulatory landscape, namely that the FCA will lead on managing overlaps between the regulators on open banking and fraud;
• supporting the development of Open Banking;
• ensuring high standards of consumer protection, including data sharing initiatives that help to prevent fraud and the 1 year review of the APP fraud reimbursement requirements; and
• an agile approach to the retail payments infrastructure.