The FCA has published a new web page concerning the new payment systems regulator that it is creating in April 2014 and which is intended to go live in April 2015.
The new regulator will be a subsidiary of the FCA. It will have concurrent competition powers alongside the Competition and Markets Authority (CMA). This will allow both the CMA and the new payment systems regulator to assess competition issues within the payment systems market.
The new regulator will be a competition focused, utility style regulator, similar to Ofcom. It will have three objectives to:
- promote effective competition in the markets for payment systems and the services they provide;
- promote development and innovation in payment systems; and
- ensure payment systems are operated and developed in a way that takes account of and promotes the interests of service users.
The FCA has also published a payment systems regulation timeline. In particular, it notes that in March the FCA will publish a call for inputs to gather views and information and begin stakeholder engagement. From May to September 2014 the FCA will conduct informal consultations on the regulatory approach, fees, rulebook, priorities and other issues identified from the responses to the call for inputs. The new regulator will also finalise outstanding legislative governance requirements, such as Memorandums of Understanding, establishing panels and drafting its annual plan and budget.
View Payment systems, 3 March 2014
View Payment systems regulation timeline, 3 March 2014