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The publication of this 鈥楶ayments Regulation and the Systemic Perimeter: Consultation Response鈥� document concludes the government鈥檚 consultation on reforms to the Bank of England鈥檚 and Payment Systems Regulator鈥檚 respective regulatory frameworks over the payments sector.

Consultation Response

The government has now published its response to its 2022 call for evidence and consultation, having received 23 responses from a range of financial services actors operating within the sector, including payment services and e-money providers, payment system operators and trade and business associations. In this document, the government commits to progressing reforms to both the Bank of England鈥檚 and the Payment Systems Regulator鈥檚 respective statutory perimeters over payments, following proposals laid out in its initial 2022 consultation.

This response document summarises the feedback received to the call for evidence concerning the government鈥檚 proposals and outlines the government鈥檚 overall approach to enabling these reforms through primary legislation when future parliamentary time allows.

This document also provides updates in relation to the government鈥檚 commitment to enable rulemaking and direction-making powers for the Financial Conduct Authority and Payment Systems Regulator over their aspects of retained European Union payments law, as part of the government鈥檚 approach towards enabling a Smarter Regulatory Framework for financial services. Finally, it provides an update on the remit of the Senior Managers & Certification Regime in relation to payments, noting the government鈥檚 ongoing wider review of the Regime.