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The race has been on in Whitehall to see which department can form its substantial proposals first on repealing and replacing European legislation, especially with limited parliamentary time left before the 2024 election.
For many in government, the advanced and thriving UK payments sector, with multiple business models and a healthy fintech sector, is a jewel in the financial services crown. Getting its regulation right is therefore critical.
At the heart of this is the Payment Services Regulations (PSRs), our onboarded version of the European Payment Services Directive. HM Treasury (HMT) issued a Review of the PSRs last quarter, looking for improvements to support 'a flourishing, innovative and internationally competitive payments sector' in the UK.
In response, we have identified detailed changes to the regulatory framework that our members believe will foster even more growth and innovation, while securing resilience and protection. We have also taken legal advice on how to ensure any changes do not jeopardise our critical access to the Single Euro Payments Area (SEPA).
How changes can help payments thrive
Holding the regulators to account
While a simplified and more agile regulatory framework will have benefits, the payments industry, from large multi corporates through to start up fintechs, needs three things from the UK government and regulators:
We can expect a number of associated payments consultations during the rest of 2023 – so stay tuned.
04.05.23
Briony Krikorian-Slade, Principal, Payments, UK Finance
19.07.23
30.05.23
16.05.23
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