UK:
UK Government Reports On Payment Systems Subject To Regulation Under New Payment Systems Regulator
14 April 2015
Shearman & Sterling LLP
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On March 18, 2015, HM Treasury published a report detailing the
outcome of its consultation on the criteria for the designation of
payments for oversight by the Payment Systems Regulator. HM
Treasury is responsible for designating the payment systems that
will be subject to regulation and proposals in its consultation
suggested the designation of seven payment systems: Bacs, CHAPS,
Faster Payment Service, LINK, Cheque and Credit Clearing, Northern
Ireland Cheque Clearing, MasterCard and Visa. HM Treasury confirms
in its outcome report that only those seven payment systems will be
subject to regulation at this stage.
The report is available at:
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/413892/Designated_Payment_Systems_FINAL_1
7.03_21_05.pdf.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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