On 30 November 2023, the Bank of England (BoE) issued a consultation paper on codes of practice for wholesale cash distribution market oversight.
Legislation provides that the BoE must consult on codes of practice that it wishes to publish under the wholesale cash distribution oversight regime. The BoE consulted on its statement of policy and the principles in the Consultation on the Bank of England’s supervisory approach to wholesale cash distribution published in December 2022. The BoE is now consulting on the detailed codes of practice for the market oversight regime. The consultation paper outlines the BoE’s proposed codes of practice for market oversight which are outcomes-based and are intended to enable an effective, resilient, and sustainable wholesale cash infrastructure. The consultation paper also contains proposed guidance to the codes of practice, which is intended to support recognised firms in meeting the requirements set out in the codes of practice.
The deadline for comments on the Consultation Paper is 31 January 2024.