(5 min read)
On 14 November 2024, the UK Government announced its National Payments Vision, setting out its ambitions for the UK's payments sector to deliver world-leading payments and to support its growth mission. In this edition we discuss the details on the Vision and share our thoughts on where the strategy and next steps are clear and where more detail is still to come. In this issue we also cover the FCA's consultation on the proposed new safeguarding regime for Payment and E-money firms and the possible impact of the rules on relevant firms.
The impact of the Government's National Payments Vision
On 14 November 2024, the UK Government announced its National Payments Vision, setting out its ambitions for the UK's payments sector to deliver world-leading payments and to support its growth mission. But is the Vision enough to deliver what was hoped for – a clear strategy for building a "trusted world-leading payments ecosystem that can help deliver economic growth"? In this article we set out where the strategy and next steps are clear and where more detail is still to come.
Read our insights here on the Vision and the relevant impact
The FCA's consultation on the proposed new safeguarding regime for Payment and E-money firms
On 25th September 2024, the Financial Conduct Authority (FCA) published a consultation with their proposed changes to existing safeguarding rules that apply to authorised electronic money institutions (EMIs) and payment institutions (PIs). The ultimate goal is to make the safeguarding rules stronger and clearer for payment and e-money firms which in turn will hopefully minimise shortfalls in safeguarded funds and help ensure a timely repatriation of money to customers should an EMI or PI fail.
Read more on the key proposals here and what does this mean for relevant firms
Upcoming events
For information on our upcoming training events including our Regulatory Essentials programme, please visit our Financial Regulation page on our website.
Next steps
If you want to find out what these updates mean for your business, or discuss training opportunities or systems and controls changes, please feel free to get in touch with our Payments Team who would be delighted to speak to you.
