Payments regulatory news, October 2020 # 3

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Recent regulatory developments focussed on the payments sector. See also our General regulatory news in the Related Materials links.

Contents

  • Payments landscape review: FMLC response to HM Treasury call for evidence

Payments landscape review: FMLC response to HM Treasury call for evidence

The Financial Markets Law Committee (FMLC) has published response to HM Treasury's call for evidence, launched in July 2020 as part of the payments landscape review. The call for evidence sets out the government's aims for payment systems and payments networks in the UK and seeks views relating to related future opportunities and risks.

In its response, the FMLC highlights uncertainties in a range of areas, including on

  • financial technologies based on distributed ledger technology in the area of payments;
  • limitations on the statutory and regulatory regimes applying to payments networks.

The Treasury's call for evidence closed on 20 October 2020. A number of responses have been published from interested parties, for example, UK Finance, the Financial Services Consumer Panel and the Electronic Money Association. Following the call for evidence, the government will provide a summary of responses and set out next steps for the review.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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