On October 9, the UK Treasury (HM Treasury) published its response to feedback on its March 2013 consultation paper on opening up UK payments, announcing the details of the new Payment Systems Regulator.
In its March 2013 consultation, HM Treasury set out proposals for bringing payment systems under formal economic regulation and establishing a new competition-focused utility-style regulator for retail payment services. In the response, HM Treasury sets out its policy decisions on the roles, responsibilities and powers of the new regulator, which will be established by the Financial Services (Banking Reform) Bill 2013-14.
HM Treasury intends for the Regulator’s powers to come into force in late 2014, with the Payments System Regulator fully operational by spring 2015. Response.