The UK payments landscape is undergoing a period of great transformation. This is being driven by the global adoption of the ISO 20022 standard, as well as the proposed New Payments Architecture “NPA”.

The proposed amendment is rumoured to broaden the Registrar of Companies’ powers to become a more active gatekeeper over the creation/updating/removal and custodian of more reliable data, including new powers to check, remove or decline information submitted to, or already on the registry.

The Financial Conduct Authority (FCA) is introducing a new ‘Consumer Duty’ for retail financial services businesses. This will drive a fundamental shift in the financial services industry to promote a higher and more consistent standard of consumer protection.