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UK to Restructure Payments Infrastructure

The UK government is shaking up its payment infrastructure, giving the Bank of England more power. This follows concerns about the UK's performance in financial technology and aims to create a more coherent and efficient payments system.

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English

United Kingdom

TechnologyUkGovernmentFinanceRegulationPayments

Bank Of EnglandTreasuryPayment Systems Regulator (Psr)Financial Conduct Authority (Fca)Local Authority Pensions

Rachel ReevesNikhil Rathi

When and how will the government unveil the plans?: The Chancellor, Rachel Reeves, will likely announce the "Payments Vision" at the Mansion House dinner, aiming for a more coherent approach to payments.
What is the overall goal of these proposed changes?: The changes aim to improve the UK's competitiveness in financial technology and address concerns about fragmented payments supervision.
What are the main concerns driving this proposed change?: Concerns about the UK lagging behind in payments innovation and the Payment Systems Regulator's performance spurred this initiative.
What are the current responsibilities of the FCA and PSR?: The Financial Conduct Authority (FCA) handles cash access, while the Payment Systems Regulator (PSR) manages APP fraud; this division is viewed as inefficient.
What is the UK government planning to do regarding its payments infrastructure?: The UK government plans to restructure its payments infrastructure, giving the Bank of England a more significant oversight role.

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